DP World's listing to benefit Dubai growth
DP World, the global ports operator, was listed on the London Stock Exchange (LSE) earlier today, becoming the first Dubai company to obtain a premium London listing.
The company, which is already listed on the Nasdaq Dubai, listed 830 million shares with the LSE which were at an initial price of 830 pence at 8.58 a.m according to global finance news website Bloomberg.com.
"DP World Limited is pleased to announce that all of its 830 million ordinary shares have today been admitted to the official list of the UK Listing Authority and to trading on the LSE's main market for listed securities," the group said in an official statement.
Commenting on the implications of DP world’s listing, Srinath Manda, program manager, for business and consulting firm Frost and Sullivan said: “Enhanced growth prospects of DP World would mean potential strengthening for expansion of its operations in the domestic market which would aid the economic prospects of Dubai, as it is the heart of the economic and infrastructural activity in the country (and overall gulf region).”
“It could further serve as a cue for several other large industrial groups in Dubai (or UAE or even GCC when considered on a wider scale), to follow suit for enhancing their financial stability and source of funds. This in the long term could invariably result in improved economic prospects for Dubai and the Gulf region,” she added.
DP World shares will trade under the ticker DPW on the London exchange, and continue to trade under DP World’s existing listing on Nasdaq Dubai with its shares being fully interchangeable across both exchanges.