DP World has delayed a move that would have made it the only UAE company to seek a second listing of its shares on a western stock market.
The global ports and logistics giant blamed technical issues arising from the pending merger between NASDAQ Dubai and the Dubai Financial Market (DFM) for the move.
The delay in its plans to list on the London Stock Exchange (LSE) will prevent the company from tapping into a new source of investors in addition to the thinly traded NASDAQ Dubai, where it is listed now. The company said it would not consider the dual listing again for at least 10 months.
The move was a surprise, as the London listing was long discussed as a means of potentially raising the company's profile among institutional investors. Some analysts were predicting that once the listing was finalised, the company would eventually qualify as part of the closely watched FTSE 100 index, which tracks the 100 largest publicly traded companies in the UK by market capitalisation.
The decision to list with the LSE was delayed "until an acceptable system that supports the dual listing is available", DP World said in a statement to the NASDAQ Dubai yesterday.
DP World said the delays were caused in part by technical challenges such as the inability of LSE and NASDAQ Dubai to accommodate a dual listing between their bourses. Those problems were compounded by delays in establishing a combined trading platform for NASDAQ Dubai and DFM.
"DP World wants to ensure that shares can be freely traded between Dubai and London without discrepancy in the stock quotes," a DP World spokeswoman said. All three stock exchanges declined to comment yesterday.
The world's fourth-largest ports operator initially tapped into equity markets in 2007 at the height of the credit boom, raising almost US$5 billion (Dh18.36bn) to help finance its global expansion, repay $3.5bn of Islamic bonds and provide cash to the Dubai Government.
But amid the global economic downturn the stock has foundered on the NASDAQ Dubai, where it has been the only share traded on some days. Its shares fell 4.7 per cent to 46 US cents yesterday as investors perceived the change in listing plans to be negative for the stock, which has gained about 7 per cent so far this year.
"Investors are seeing that the LSE listing would have helped to give stability to the price of the stock generally," said Saad Chalabi, an institutional trader at AlRamz Securities, which is based in Dubai.
The lacklustre share performance has seemingly not affected the company, which is in a "strong financial position", Moody's Investors Service said in April. "They have no funding requirement, in our view, for a good 24 months," the credit ratings firm said.
DP World has the most diversified holdings globally of the top ports operators, with 49 terminals and 12 new developments across 31 countries.
This year, the company is planning another $800 million in capital expenditure as it adds two new ports to its portfolio - Callao, Peru and Vallarpadam, India. For next year, it has outlined at least one terminal expansion: Karachi, Pakistan, which is due to open in the first quarter.
DP World has 23 per cent of its shares publicly traded, with the remaining 77 per cent owned by Dubai World, the state-owned conglomerate involved in property and shipping.
Since December, NASDAQ Dubai has been in negotiations to be acquired by DFM, the only Gulf stock market to sell shares to the public, in a $121m deal.
The deal has been delayed several times and is now scheduled for July 11.
The addition of DP World shares to the DFM platform, where volumes have also slipped of late, could provide a boost to trading.
"DP World is $8bn in market cap," said Ali Khan, the managing director at Arqaam Capital, based in Dubai. "If DP world does trade on the DFM in some form, it can only help volumes on the market."
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Company profile
Name: Steppi
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Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
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Planes grounded by coronavirus
British Airways: Cancels all direct flights to and from mainland China
Hong Kong-based Cathay Pacific: Cutting capacity to/from mainland China by 50 per cent from Jan. 30
Chicago-based United Airlines: Reducing flights to Beijing, Shanghai, and Hong Kong
Ai Seoul: Suspended all flights to China
Finnair: Suspending flights to Nanjing and Beijing Daxing until the end of March
Indonesia's Lion Air: Suspending all flights to China from February
South Korea's Asiana Airlines, Jeju Air and Jin Air: Suspend all flights
The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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Everton 1 Sigurdsson 77'
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Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Jawab Iteiqal
Director: Mohamed Sammy
Starring: Mohamed Ramadan, Ayad Nasaar, Mohamed Adel and Sabry Fawaz
2 stars
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
How to protect yourself when air quality drops
Install an air filter in your home.
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Day 3 stumps
New Zealand 153 & 249
Pakistan 227 & 37-0 (target 176)
Pakistan require another 139 runs with 10 wickets remaining
Tips to avoid getting scammed
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THE SPECS
Engine: 2.0-litre four-cylinder turbo
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DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
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- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
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RESULTS
Men – semi-finals
57kg – Tak Chuen Suen (MAC) beat Phuong Xuan Nguyen (VIE) 29-28; Almaz Sarsembekov (KAZ) beat Zakaria Eljamari (UAE) by points 30-27.
67kg – Mohammed Mardi (UAE) beat Huong The Nguyen (VIE) by points 30-27; Narin Wonglakhon (THA) v Mojtaba Taravati Aram (IRI) by points 29-28.
60kg – Yerkanat Ospan (KAZ) beat Amir Hosein Kaviani (IRI) 30-27; Long Doan Nguyen (VIE) beat Ibrahim Bilal (UAE) 29-28
63.5kg – Abil Galiyev (KAZ) beat Truong Cao Phat (VIE) 30-27; Nouredine Samir (UAE) beat Norapat Khundam (THA) RSC round 3.
71kg – Shaker Al Tekreeti (IRQ) beat Fawzi Baltagi (LBN) 30-27; Amine El Moatassime (UAE) beat Man Kongsib (THA) 29-28
81kg – Ilyass Hbibali (UAE) beat Alexandr Tsarikov (KAZ) 29-28; Khaled Tarraf (LBN) beat Mustafa Al Tekreeti (IRQ) 30-27
86kg – Ali Takaloo (IRI) beat Mohammed Al Qahtani (KSA) RSC round 1; Emil Umayev (KAZ) beat Ahmad Bahman (UAE) TKO round
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
