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The shares will be offered globally to institutional investors, and in the UAE the offer includes UAE residents and GCC nationals and corporates with qualifying investment accounts in the UAE. The UAE retail offer applications must be made in the UAE.
Application forms for the UAE retail offer will be included with a summary document, which, together with the full prospectus, are expected to be available in the UAE from 4 November. UAE retail investor applications are expected to begin from that day and close on 15 November.
The price of the securities will be in US dollars and will be established through an international book building process. This will set a market price before listing.
Chairman of Dubai World and of DP World, Sultan Ahmed Bin Sulayem, said, "This is an exciting day for us. DP World is one of the jewels in the crown of Dubai World and we are delighted it will be the first home-grown Dubai company to be listed on the DIFX.
"Today marks another step in the development of DP World from a local to a regional to a global player. But importantly, it also signals the clear intent by Dubai World and Dubai itself to be active participants in the international financial markets, with all the opportunities and responsibilities this brings."
Mr Bin Sulayem emphasised the commitment to the retail offering in the UAE.
"Although DP World is global, it is a Dubai-based company with strong roots here. It has supported and continues to support the growth of Dubai and the UAE. Those who live and work here are justifiably proud of DP World's international reputation as a leading provider of marine terminal services. We are very keen that they participate in DP World's future."
Mr Bin Sulayem said," We have great confidence in DP World's Board and management team who have led the company so capably to its current success. We believe the time is right for us to welcome a broader base of international shareholders to participate in DP World's future."
DP World Executive Vice Chairman and Group CEO of P&FZ World, Jamal Majid Bin Thaniah said, "DP World is well prepared for a global IPO, having reorganised to become a pure play port operator over the past year.
"DP World's Board has also been further strengthened with the appointment of respected international business leaders Sir John Parker, David Williams and Davy Ho as independent, non-executive directors, with Sir John playing an important role as Vice Chairman. These Board members bring valuable international business expertise to the company as well as broad experience as directors of publicly listed companies.
Mr Bin Thaniah concluded, "DP World is one of the leading marine terminal operators in the world. It has achieved a strong financial performance and in the first half of 2007, we saw an increase in throughput year on year of 23 percent to 20.3 million TEUs , and Proforma Adjusted EBITDA of US$453.7 million.
"DP World is a dynamic business with a strong track record and is well positioned to continue this growth into the future."
DP World CEO Mohammed Sharaf said,
"We have transformed our business over the past three years with the constant support of our shareholder, our customers and our employees. As we move forward, we intend to expand even further by building on our current extensive network. We have projects in hand today that we expect to nearly double last year's capacity, to reach almost 90 million TEUs in ten year's time, with our terminals connecting even more markets around the world. We believe we have a compelling story and we look forward with great enthusiasm to the future, creating value for our current and future shareholders."
Posted by Lara Lynn Golden, News Editor
