DP World seeks refinancing approval

06 May 2008
DP World is to seek permission for a share buyback of around AED600m ($163m) and hopes to issue securities worth up to $553m.

The Dubai-based ports operator will make the requests to shareholders at the company’s annual general meeting on 29 May.

The securities issue would constitute 33 per cent of the company's existing issued share capital.

DP World officials have said that if investors approve the moves, they will not take place for at least a year.

The company, which listed on the Dubai International Financial Exchange (DIFX) in November last year, will also issue a dividend of 13.3 per cent of the nominal value of its shares.

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