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DP World to Swap One Share for 20 Ahead of London Listing

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April 6 (Bloomberg) -- DP World Ltd., the Dubai World-controlled company that operates ports from Europe to Asia, will seek investors’ approval to combine 20 shares into one before a dual listing on the London Stock Exchange.

The consolidation “will better position DP World’s share price alongside global companies,” DP World said in an e-mailed statement today. Shareholders will receive one $2 share for every 20 existing shares of 10 cents each. Trading in the new shares is likely to begin on May 19.

The move will have “very little impact other than to increase the notional value of EPS and dividends,” said Julian Bruce, equity sales head at EFG-Hermes Holding in Dubai. There are “some suggestions that the move would also avoid the issue of the stock being listed in London as a penny share,” he said.

DP World raised $4.96 billion in the Middle East’s biggest initial public offering in November 2007 and trades on Nasdaq Dubai. It said last year it would seek a listing on the London Stock Exchange to improve investors’ perception of its value after the shares slumped.

The free float, or shares available to investors, will remain at 19.55 percent, while the number in issue will drop from 16.6 billion to 830 million, DP World said. Shareholders are scheduled to vote on the plan May 11.

DP World’s shares gained 0.9 percent to $0.641 at 1:50 p.m., according to the Nasdaq Dubai website. In its initial public offering, the company sold shares at $1.3 each.

It said in March that it’s committed to completing the London listing in a “timely manner” in the second quarter. It’s arranging for the issue of “depository interests” to facilitate trading in London.

To contact the reporters on this story: Arif Sharif in Dubai at; Zahra Hankir in Dubai at

To contact the editor responsible for this story: Edward Evans at

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