Dubai – Mubasher: DP World announced its delisting from Nasdaq Dubai after its parent company Port and Free Zone World has offered to acquire the 19.55% of the shares trading on the bourse.

At a value of $16.75 per share, an agreement was reached between the two parties on the shares’ cash offer, which represents a 29% premium on the market closing price of $13.00 on Sunday, 16 February, according to a press release.

Upon accepting the offer, DP World will be wholly owned by Port and Free Zone World, returning the company to private ownership

The private ownership will allow the company to focus on its medium-to long-term strategies which aim to transform the port from a global operator to a solutions provider for the world’s integrated logistics services.

Commenting on the delisting of the company’s shares from Nasdaq Dubai, the group chief financial, strategy, and business officer of DP World, Yuvraj Narayan, said: “DP World is focused on the transformation of the group and takes a long-term view of investment returns and value creation. In contrast, public markets typically hold a short-term view.”

Meanwhile, the group chairman and CEO of DP World, Sultan Ahmed bin Sulayem, referred: “Our focus will continue to be on integrating our acquisitions with our global network of interconnected ports, logistics businesses and economic zones."