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DP World has no plans for share buyback
(MENAFN- Arab News) DUBAI: Dubai's DP World one of the world's biggest port operators said it had no plans to buy back any of its shares after investors approved a technical measure allowing the company to do so.
'We have no plans for a buy back but this resolution has been included in the notice for the last six years for international best practice reasons and to retain flexibility' a spokesman for DP World said in an e-mailed statement.
Earlier on Monday shareholders approved a proposal to buy back a 'limited number' of the company's shares according to a bourse filing which said investors also agreed that any shares bought by the company would be canceled and its share capital reduced accordingly.
DP World reported a 4.4 percent rise in gross container volumes on a like-for-like basis in the first quarter of 2015.
'We have no plans for a buy back but this resolution has been included in the notice for the last six years for international best practice reasons and to retain flexibility' a spokesman for DP World said in an e-mailed statement.
Earlier on Monday shareholders approved a proposal to buy back a 'limited number' of the company's shares according to a bourse filing which said investors also agreed that any shares bought by the company would be canceled and its share capital reduced accordingly.
DP World reported a 4.4 percent rise in gross container volumes on a like-for-like basis in the first quarter of 2015.
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