DP World to exit London Stock Exchange
DP World has announced plans to delist from the London Stock Exchange, claiming that only 1% of its trades are made through the UK’s exchange.
The Dubai-based operator will maintain its NASDAQ Dubai listing, where the remainder of its shares are held.
When DP World listed in London in 2011 it was to allow investors access to the company through an alternative stock exchange. However, today’s low level of trading on the LSE has prompted a re-think.
Additionally, in May 2014 the UAE was moved from frontier to emerging market status under the MSCI index classification system, which will help to attract more interest from international investors.
“Against this backdrop, the Directors believe that the Dubai listing is a sound base for DP World’s international shareholder base. As such, the Directors, and separately the independent directors of DP World, are of the view that there is no material benefit in maintaining the London listing,” said a statement.
Shareholders must approve the plan and an Extraordinary General Meeting has been called on December 18 2014 to rubber stamp the resolution.
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