OREANDA-NEWS. Port and Free Zone World will take out shares in its subsidiary DP World Ltd, which are now traded on the NASDAQ Dubai stock exchange. It is reported by DP World on its website. DP World is one of the largest port operators in the world.

The volume of shares acquired by Port and Free Zone World will be 19.55%, each price is $ 16.75 with a premium of 29%. After trading ended and the exchange closed on Sunday, DP World Ltd shares were worth $ 13.

After the share buyback, DP World will be wholly owned by Port and Free Zone World, which in turn is part of the Dubai World holding. Such a measure will allow DP World to focus on its medium and long-term strategies for transforming from a port operator to an integrated logistics provider, the company said. The delisting decision was made by the Port and Free Zone World board of directors and independent DP World board members.

In January, DP World announced to the Russian government that it intends to buy 49% of the FESCO transport group, the largest shareholder of which is the arrested Russian businessman Ziyavudin Magomedov. This is the last company where he has a stake. A letter of purchase was sent on behalf of the representative of DP World in Russia Sergey Chemardy.