Monday, 22 December 2014 00:00
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Shareholders of DP World have approved buying Economic Zones World (EZW) from its majority shareholder and also backed the port operator’s delisting from the London Stock Exchange, the Dubai-based company said last week.
The assent was granted at a meeting on Thursday, with the proposals receiving near-unanimous support from independent shareholders, DP World said in a London Bourse filing.
DP World last month said it would pay $ 2.6 billion to Dubai World for its EZW logistics infrastructure firm and would delist from the London Bourse due to thin trading volumes.
Welcoming the move, DP World Chairman Sultan Ahmed Bin Sulayem said: “The integration of DP World and EZW will reinforce our leadership in the high-growth Middle East region and enhance our integrated port and logistics offering to customers by optimising investment.”
“It is a compelling strategic move which will allow us to co-ordinate planned expansion, deliver an improved customer proposition, accelerate growth and enhance shareholder value. We thank our shareholders for recognising the strong strategic rationale for the combination of Jebel Ali port and free zone and look forward to working with our colleagues to offer seamless supply chain services,” he added.
Dubai World owns 80.45% of DP World.
