Dubai’s DP World Says No Plans For Share Buyback

Dubai’s DP World, one of the world’s biggest port operators, said on Monday 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 emailed 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 cancelled and its share capital reduced accordingly.

DP World reported a 4.4 per cent rise in gross container volumes on a like-for-like basis in the first quarter of 2015.

Its shares closed Monday 1.3 per cent higher.