DP World shareholders approve London de-listing, acquisition of JAFZ

DUBAI: DP World, one of the world’s largest port operators, on Thursday said its shareholders have approved delisting from the London Stock Exchange and the acquisition of Economic Zones World FZE (EZW), owner of the Jebel Ali Free Zone (JAFZ).

A company statement said that the resolutions put to shareholders at the extraordinary general meeting (EGM) of DP World Limited, held at The Wheelhouse, Jebel Ali Port, Jebel Ali, Dubai today, Thursday, relate to the acquisition of Economic Zones World FZE (‘EZW’), owner of the Jebel Ali Free Zone (JAFZ), the delisting of DP World Limited Securities from the London Stock Exchange and the confirmation of the appointment of Mark Russell as an Independent Non-Executive director of the Company, who was appointed to the Board with effect from 11 August 2014. All the resolutions have been passed.

Welcoming the shareholders’ voting in favour of the EZW acquisition, Sultan Ahmed Bin Sulayem, Chairman of DP World, said, “The integration of DP World and EZW will reinforce our leadership in the high-growth Middle East region and enhance our 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.” 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.” It is anticipated that the EZW transaction will be completed during Q2 2015 and the delisting will take effect on or about 21 January 2015, being in any event not less than 20 London business days from today’s date.

SOURCE: WAM