DP World plans $884m flotation of Australian unit

01 February 2010

Ports operator will retain substantial stake in listed firm

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.

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