A mere days after committing 130 Million Pounds in order to set into motion the London Gateway container port scheme, Dubai's giant DP World is now aspiring to get its shares listed on the London Stock Exchange.
The global ports group, which is a unit of the struggling Dubai World Empire, has shared that the development would help in addressing its "continued disappointment" as far as its market valuation goes.
While DP World will be keeping its primary listings intact on NASDAQ Dubai, it is certainly hoping for a secondary listing on the giant LSE, as early as the second quarter of the current year.
"The board remains committed to our shareholders in the region and believe that they will also benefit from this move", the company said while making its intentions public.
Since they were first listed on the home exchange in November 2007, DP World shares have not managed to perform all that well, and yesterday, they were trading at a mere 43 cents, which is over two-thirds of the $1.30 per share IPO price.
With the dual listing, and one on the world's major market, the company is hoping to improve the group's access to international investors. Also, with the development, it is looking to overcome the lack of liquidity on the NASDAQ Dubai, where DP World is the only share which is traded daily.
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