DP World plans $884m flotation of Australian unit

Ports operator and Dubai World subsidiary DP World is planning to spin off its Australian operations through stock market listing that could raise more than $884m, according to reports in Australian Financial Review.

The flotation would involve the listing of a new entity, to be called DP Australia. The Dubai-based company would retain a substantial stake in the listed firm, said the report.

DP World said in December that it was also seeking a listing on the London Stock Exchange to improve its valuation, as the management considers its share price to have underperformed on the Nasdaq Dubai since its flotation in November 2007.