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It is the first issuer to list both conventional and Islamic debt securities on the exchange.
Mohammed Sharaf, the Chief Executive of DP World, said: 'Our listings on the region's international exchange give investors an assurance of high quality regulation, as well as providing high visibility. Our inaugural bond issues represent the continuing development of DP World as a truly international company.'
Yuvraj Narayan, the Chief Financial Officer of DP World, said: 'We have seen strong interest in the securities from investors around the world. Both issues have attracted a truly global subscriber base, which reflects the global nature of DP World's business.'
The $1.75 billion bond, issued under a $5 billion Medium Term Note (MTN) programme, bring the total value of conventional bonds listed on the DIFX to $6.585 billion. The Sukuk brings the total of Sukuk on the DIFX to $11.93 billion, underlining the exchange's status as the largest in the world for Sukuk by listed value.
Per E. Larsson, Chief Executive of the DIFX, said: 'As companies and government organisations in the Gulf region maintain high levels of activity and expansion., the outlook for new issues of conventional bonds and Sukuk is positive. We are in discussion with many other issuers about listing.'
The Sukuk was issued by Dubai World Sukuk Ltd, which was created for the purpose by DP World.
The bond and Sukuk have been given credit ratings of A1 by Moody's and A+ by Standard and Poor's.
Hamed Ali, Executive Officer of the DIFX, said: 'The DIFX's debt platform has developed into an active and expanding segment of our market. We also have further equities listings in the pipeline and will introduce a number of other asset classes.'
DP World lists USD1.75 billion bond and USD1.5 billion Sukuk on DIFX
DP World, the Dubai-based international ports operator, today listed a conventional bond worth USD1.75 billion and a Sukuk (Islamic bond) of USD1.5 billion on the Dubai International Financial Exchange (DIFX).
- United Arab Emirates: Tuesday, July 03 - 2007 at 14:49
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About DIFXThe DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent.
The exchange launched in September 2005 and currently has 18 Members - ABN AMRO, Arbuthnot Securities, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, EFG-Hermes, Hichens, Harrison & Co, HSBC, ING Bank NV, Jefferies International, KAS BANK, Morgan Stanley, Merrill Lynch, Mashreq Capital (DIFC), NBD Investment Bank, SHUAA Capital and UBS.
Issuers on the DIFX: Equities - Albaraka Banking Group (ordinary shares), Boulder Steel (ordinary shares), Citigold Corporation (ordinary shares), Fortune Management (ordinary shares), Gold Fields (American depositary shares), Hikma Pharmaceuticals (global depositary receipts), Kingdom Hotel Investments (ordinary shares), Man Industries (India) (global depositary receipts), Monarch Gold Mining Company (ordinary shares), Rana Sugars (global depositary receipts); Bonds - DP World (Medium Term Notes), Dubai Holding Commercial Operations Group (Medium Term Notes), MashreqBank (Medium Term Notes), National Bank of Dubai (Medium Term Notes); Islamic products - Aabar Sukuk (Sukuk), DAAR International Sukuk (Sukuk), DIB Sukuk (Sukuk), DIFC Investments (Sukuk), Dubai World Sukuk (Sukuk), IIG Funding Ltd (Sukuk), Nakheel Development (Sukuk), Ports, Customs and Free Zone Corporation (Sukuk), TID Global Sukuk (Sukuk); Structured Products - Deutsche Bank (certificates over indices).
The regulator of the DIFX is the Dubai Financial Services Authority (DFSA). The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is DIFC Investments.
www.difx.ae
About DP World
DP World is one of the largest marine terminal operators in the world with 42 terminals spanning 22 countries, and a dedicated, experienced and professional team of more than 30,000 serving customers in some of the most dynamic economies in the world.
DP World provides quality marine terminal services designed to enhance customers' supply chain efficiency.
It does so by effectively managing container, bulk and other terminal cargo. It also provides logistics, infrastructure development and consultancy services where its experience adds significant value for customers.
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 operations in Dubai, Port Rashid and Jebel Ali. Jebel Ali has been voted 'Best Seaport in the Middle East' for 13 consecutive years. DP World's international achievements were recognised in 2006, when Lloyd's List's awarded it the prestigious Port Operator of the Year Award.
In early 2006, DP World acquired P&O, including P&O Ports. The combined 2006 throughput of the company was around 42 million* TEU (twenty-foot equivalent container units) from the Americas to Asia, with global capacity of more than 48 million TEU. That capacity is set to increase significantly in coming years with a committed pipeline of expansion and development projects in key growth markets, including India, China and the Middle East. Capacity will rise to around 84 million TEU by 2016.
*Gross throughput for all terminals as at 31 December 2006.
*first issuer to list both conventional and Islamic bonds on DIFX
For further information on the DIFX, please contact:
Amira Abdulla
Dubai International Financial Centre
Tel: +971.4.362.2433
Fax: +971 4 3622236
Mark Fisher
Dubai International Financial Exchange
Tel: +971.4.3622451
Fax: +971 4 3622236
Posted by Lara Lynn Golden, News EditorTuesday, July 03 - 2007 at 14:49 UAE local time (GMT+4)
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Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
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