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DP World Authorized by Shareholders to Buy Back Shares

April 30 (Bloomberg) -- DP World Ltd., the world’s third-biggest port operator, said shareholders authorized the company to buy back “a limited number of shares.”

The shareholders also “authorized the company to reduce its share capital by canceling any or all of the ordinary shares purchased,” the Dubai-based company said in a statement to Nasdaq Dubai today.

DP World’s request for the “renewal of an existing authority allowing the company to allot, or issue, up to a limited number of shares -- 5 percent of the nominal value of the issued and unconditionally allotted share capital of the company -- free of pre-emption rights” was also approved by the shareholders, it said.

“We have no plans for a buy back, but this resolution has been included in the notice for the last four years and is there for international best practice reasons and to retain flexibility,” the company said in a separate statement.

DP World said earlier today gross container volumes handled at its terminals rose 9.5 percent to 13.8 million twenty-foot equivalent units in the first quarter. Excluding the contribution from new capacity, like for like growth was 7.4 percent, it said.

To contact the reporter on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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