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DP World Not to Sell Stake
DUBAI — DP World, the world’s fourth largest container port operator, said on Tuesday it was never involved in negotiations over a potential sale of a stake in the company, and confirmed that its parent firm Dubai World has severed all talks with a regional private equity firm.
Unnamed sources were quoted on Monday as saying that Abraaj Capital’s discussions with Dubai World likely collapsed over their failure to come
to terms.
“The board of DP World would like to reiterate previous statements that they have not been involved in any discussions in relation to a potential sale of a stake in the company. The board of DP World has now been advised by Dubai World that these discussions are no longer ongoing,” DP World said in a disclosure to the Nasdaq Dubai.
Prior to DP World’s statement, Societe Generale downgraded DP World to a ‘hold’ from ‘buy’ and kept its target price of $0.50.
“After a five-month silence, reports of a failure seem plausible to us,” Societe Generale said in a note to clients
on Tuesday.
Shares of DP World which are listed at Nasdaq Dubai, have risen by 33 per cent since May, spurred by expectations of a successful sale of a significant stake in the company to Abraaj Capital.
Last May, the government-controlled Dubai World said it was in talks to sell a stake in the port operator after being approached by Abraaj Capital.
Dubai World is an investment company that manages and supervises a portfolio of businesses and projects for the Dubai government across a wide range of industry segments and projects that promote Dubai as a hub for commerce and trading.
Dubai World has been hobbled by a series of setbacks as it struggles to handle rising debts amid the global slump that has also slowed economic activity in the UAE. It has $59 billion of liabilites. Last Friday, Dubai World said the chief executive of its Istithmar World unit, David Jackson, would continue to lead the firm, after reports his position was under review. The company, which owns US luxury chain Barney’s New York, in August hired an advisory firm to help it mull options to shore up Barney’s financial position.Shares in DP World were trading at $0.49 in late trade on Tuesday, up by 3.9 per cent. — rocel@khaleejtimes.com
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