DP World gets green light to buy EZW
Shareholders of DP World have approved buying Economic Zones World from its majority shareholder and also backed the port operator's delisting from the London Stock Exchange, the Dubai-based company said in a statement last month.
The assent was granted at a meeting lastThursday, with the proposals received near-unanimous support from independent shareholders, DP World said in a London bourse filing.
DP World last month said it would pay $2.6bn to Dubai World for its EZW logistics infrastructure firm and would delist from the London bourse due to thin trading volumes.
Dubai World owns 80.45 per cent of DP World.
Welcoming the shareholders’ voting in favour of the EZW acquisition, HE Sultan Ahmed Bin Sulayem, Chairman of DP World, said the integration of DP World and EZW will reinforce DP World's leadership in the high-growth Middle East region and enhance its integrated port and logistics offering to customers by optimising investment.
"It is a compelling strategic move that will allow us to co-ordinate planned expansion, deliver an improved customer proposition, accelerate growth and enhance shareholder value. We thank our shareholders for recognising the strong strategic rationale for the combination of Jebel Ali port and free zone and look forward to working with our colleagues to offer seamless supply chain services,” Bin Sulayem said.
Reiterating the Board’s commitment to corporate governance, Bin Sulayem added; “We also thank our shareholders for supporting our decision to delist from the London Stock Exchange. We reaffirm our commitment to maintaining a high standard of corporate governance, in line with DFSA best practice and NASDAQ Dubai rules.”