DP World Australia IPO


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DP World Australia IPO

Postby sharewadi » Mon 01 Feb 2010 10:00

[source="Reuters 01 February 2010"]DP World mulls $884 million IPO of Australian unit
by Denny Thomas

Sydney - Port operator DP World (DPW), part of Dubai World (Dubai World) conglomerate, is considering a A$1 billion ($884 million) initial public offering (IPO) by spinning off some of its Australian assets, a media report said on Monday.

Deals

DP World is expected to retain a substantial stake in the new listed entity, to be called DP Australia, the Australia Financial Review said in an unsourced report.

DP World's Australian unit was not immediately available for comment.

The planned float comes as the Queensland and the New South Wales governments separately expand their ports and have facilitated the entry of Hong Kong-controlled Hutchison Ports as a third force on top of the duopoly of DP and Asciano Ltd's.

DP World is one of the largest port operators in the world and is owned by Dubai government-linked conglomerate Dubai World, but is not included in its parent company's $26 billion debt restructuring plans.

Last month, DP World said it would seek a listing on the London Stock Exchange following disappointment with its market valuation in Dubai.[/source]
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