Dubai, UAE - Wednesday, April 6th 2011 [ME NewsWire]
The Board of DP World Limited (“DP World” or the “Company”) intends to seek shareholder approval at the Annual General Meeting on 11 May 2011 to undertake a 1 for 20 share consolidation. The free float will remain at 19.55%.
The Board believes that undertaking a 1 for 20 share consolidation will better position DP World’s share price alongside global companies with an earnings per share ratio that better reflects the value of the company.
Subject to shareholder approval at the AGM on 11 May 2011, holders of the Company’s shares at the commencement of trading on Thursday 19 May 2011 will each receive one New Ordinary Share of $2.00 for every 20 existing ordinary shares of $0.10 each. Trading in the New Ordinary Shares of $2.00 is expected to commence on Thursday 19 May 2011.
It is anticipated that the share price on Thursday 19 May will be approximately 20 times the level of the previous night’s close to adjust for the reduction in the number of shares in issue, which will reduce from approximately 16.6 billion shares to approximately 830 million shares.
It is the Board’s intention that upon consolidation, fractional entitlements will be pooled and sold in the market with, where practicable, all proceeds being returned to shareholders in the same way dividends are distributed via NIN accounts, Nasdaq Dubai members, custodians and brokers.
Further details on the proposed share consolidation including the voting resolutions are available in the Notice of Annual General Meeting available on our website at www.dpworld.com.
-ENDS-
About DP World
DP World is one of the largest marine terminal operators in the world, with 49 terminalsand 9 new developments and major expansions across 31 countries(1). Its dedicated, experienced and professional team of nearly 30,000 people serves customers in some of the most dynamic economies in the world.
DP World aims to enhance customers’ supply chain efficiency by effectively managing container, bulk and other terminal cargo.
The company constantly invests in terminal infrastructure, facilities and people, working closely with customers and business partners to provide quality services today and tomorrow, when and where customers need them.
In taking this customer-centric approach, DP World is building on the established relationships and superior level of service demonstrated at its flagship Jebel Ali facility in Dubai, which has been voted “Best Seaport in the Middle East” for 16 consecutive years.
In 2010, DP World handled around 50 million TEU (twenty-foot equivalent container units) across its portfolio from the Americas to Asia. With a pipeline of expansion and development projects in key growth markets, including India, China and the Middle East, capacity is expected to rise to around 92 million TEU by 2020, in line with market demand.
www.dpworld.com
(1) As of 11 February 2011
Contacts
Natasha Bukhari
Global Corporate Communications Manager
DP World
Tel: +97156 6821699
Natasha.Bukhari@dpworld.com
Sanaa Maadad
Director, Media
Hasaad Communications
Tel: +97150 5522610
sana@hasaad.ae
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