In March 2009 the Board of DP World stated it would evaluate all available options to address its continued disappointment with the markets valuation of the company.
After an extensive period of review with advisers, and discussions with shareholders, the Board of DP World has decided to seek a premium listing on the London Stock Exchange whilst maintaining the existing primary listing on Nasdaq Dubai. It is currently envisaged that we will seek admission for listing in the second quarter of 2010.
The Board remains committed to our shareholders in the region and believe that they will also benefit from this move.
Here's the link to the press release.
There are a couple of messages here:
- DP World believes that investors on Nasdaq Dubai are not properly valuing it. That speaks volumes about its view of Nasdaq Dubai and local investors.
- It will seek its "premium listing" on the LSE and not on one of the other UAE or regional exchanges which similarly conveys its feelings about these exchanges. For one thing it would appear that DP World does not consider any of them to be "premium".
Interesting ideas from a Dubai Government related company.
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