DP World looking for London listing

Dubai ports group DP World announced Wednesday that had plans to list its shares on the London Stock Exchange with a view to gain additional investors.

DP World, one of the world’s leading container terminal operators, said it could seek the listing on the LSE as soon as the second quarter of this year.

The Dubai-based ports group said its shares would continue to be traded on the NASDAQ Dubai alongside the London listing.

The company said London listing would help it in addressing its “continued disappointment with the market’s valuation of the company”.

Company’s net profits tumbled 34 per cent to settle at $188 million in the first six months of 2009, mainly due to slump in global trade in wake of recession.

In the after-hours trading, share in DP World gained 4.25 per cent.