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DP World consolidates shares
Investors given one share in exchange for every 20 they own
Published Thursday, May 19, 2011
Dubai port operator DP World has completed a consolidation of itsm shares that effectively raised its stock price ahead of a planned listing in London.
The consolidation Thursday gave investors one share in exchange for every 20 they own, boosting the stock price by 20 times.
DP World has said the move gives it an earnings-per-share ratio that better reflects the value of the company. It plans to launch an additional listing for its shares on the London Stock Exchange this year.
DP World is the world’s third-largest port operator, with operations at 49 cargo terminals worldwide. Its shares closed at the consolidated price of $13.90 apiece Thursday.