DP World says it has pulled out of talks over a potential sale of a stake in the company.

According to a statement by the state-owned ports operator to the Dubai stock exchange, discussions “with a regional private equity player” had been halted.

“The board of DP World has now been advised by Dubai World that these discussions are no longer ongoing,” according to a company statement issued to the Nasdaq Dubai.

The private equity group interested in purchasing a stake in DP World has never been named but has been widely reported to be Abraaj Capital. The Dubai-based firm has declined to comment on DP World’s statement.