The shareholders of the DP World approved the acquisition of Economic Zones World FZE, owner of Jebel Ali Free Zone, at the Extraordinary General Meeting held yesterday in Jebel Ali, Dubai.
The shareholders also approved the delisting of DP World Limited Securities from the London Stock Exchange.
Sultan Ahmed Bin Sulayem, Chairman of DP World said that “the integration of DP World and EZW will reinforce DP World’s leadership in the high-growth Middle East region and enhance its integrated port and logistics offering to customers by optimising investment.”
“It is a compelling strategic move that will allow us to co-ordinate planned expansion, deliver an improved customer proposition, accelerate growth and enhance shareholder value. We thank our shareholders for recognising the strong strategic rationale for the combination of Jebel Ali port and free zone and look forward to working with our colleagues to offer seamless supply chain services,” said Bin Sulayem.
Reiterating the Board’s commitment to corporate governance, Bin Sulayem expressed his thanks to the shareholders for supporting the delisting from the London Stock Exchange, and reaffirmed the company’s “commitment to maintaining a high standard of corporate governance, in line with DFSA best practice and NASDAQ Dubai rules.”
DP World anticipates that the EZW transaction will be completed during Q2 2015 and the delisting will take effect on or about January 21, 2015.