DPW makes efforts for share consolidation

Dubai-based global ports operator DP World is mulling to get shareholder’s approval for undertaking a 1-for-20 share consolidation. The move is aimed to lift share prices for earning high revenue. Firm’s Annual General Meeting is scheduled to take place on May 11, 2011 where the issue would be discussed.

The ports operator said in the statement, “The board believes that undertaking a 1 for 20 share consolidations will better position DP World’s share price alongside global companies with an earnings per share ratio that better reflects the value of the company.”

The firm also plans to list itself on the London Stock Exchange (LSE) later this year. Mohammed Sharaf, the CEO of the firm said, said that annual results has been submitted to the LSE and hoped that the listing process would be initiated very soon.

The firm hoped significant jump in its share price in the coming months on account of strong market indicators. The company said that all proceeds would be returned to shareholders in the manner dividends are distributed via NIN accounts.

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