News A $ 10 billion company withdraws from the Dubai...

A $ 10 billion company withdraws from the Dubai Stock Exchange

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Dubai Ports World, one of the largest port operators in the world, announced today, Monday, its intention to withdraw from the NASDAQ Dubai Stock Exchange, and return to full private ownership.

The state-owned parent company, Ports and Global Free Zones, offered to buy 19.55% of its shares in Dubai Ports traded on the exchange for $ 16.75 per share, at a premium of 29% on Sunday’s closing price.

The company said in a statement that this step will enable Dubai World to focus on its medium and long-term strategy of shifting from a global port operator to a provider of infrastructure for logistics services. Upon completion of the deal, Dubai World will be wholly owned by the Ports and Free Zones.

According to the network, “CNBC”, this development is bad news for the “NASDAQ Dubai”, which was considered “DP” for it, an important attraction for investors. The market value of the company is $ 10 billion, which constitutes not a small proportion of the total stock exchange size of about $ 130 billion.

For his part, Yuvraj Narayan, Chief Financial & Strategic Affairs and Business Officer for “Dubai Ports” said in a statement: “The Board of Directors concluded that the disadvantages of keeping shares listed on the stock market outweigh the expected benefits.”

Dubai Ports operates 48 marine terminals and 13 ports in more than 30 countries. The share price of the company peaked in January of 2018 when it recorded $ 26.99, but has decreased by about 52% since then.However, its revenue reached $ 5.6 billion in 2018, up 20% from 2017 according to its latest available financial data.

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