DP World closes in on London Stock Exchange

12/05/2011 - Dubai Investment News Posted by Bob Brunskell
DP World closes in on London Stock Exchange
DP World is set to list its shares on the London Stock Exchange by the end of May or in early June.It has received shareholder approval to undertake a share consolidation, which will take place before trading.In a statement the company said: "It is anticipated that the share price on Thursday, May 19th, will be approximately 20 times the level of the previous night's close to adjust for the reduction in the number of shares in issue."DP World is the third-largest port operator in the world and has seen positive growth in the past year.Mohammed Sharaf reported to Dubai's stock market Nasdaq that its 49 terminals had seen volumes grow 12 per cent in the first quarter of 2011 on the same period in 2010, driven largely from growth in the UAE, Africa and the Americas.He expected that this strong growth will continue throughout 2011.