One of the largest port operators of the world is DP World has been delisting from Nasdaq Dubai and has planned to return to complete ownership as per the company on this Monday.
The port behemoth is owned by the parent company of the behemoth, Port and Free Zone World and has offered for buying 19.55% of the shares of the DP World and has traded on Dubai Nasdaq for the level of $16.75 per share representing a premium of 29% on the closing price of the $13 a share on this Sunday as per the statement.
After the announcement, the stock of the firm has risen by 10% to a level of $14.30 in trade in morning in Middle East
The company has said that the move is going to enable the company for focusing on their medium and long term strategy for the transformation into a global port operator to the logistics provider led from end to end. The executives from the company have described public trading of the company as it is ultimately too beholden for the shorter term returns.
When the deal is going to be owned 100% by the Port and Free zone world.
This development may not be good news for the Nasdaq Dubai for which the DP World is a major draw for the investors to trade and the shares which are publicly listed.
The exchange which is Dubai Based has not offered for commenting when they had been contacted by the media.
The experts feel that the board of the company has made a conclusion that the disadvantages of maintaining the listing has outweighed benefits.
