RNS Number:1656I
DP World Limited
21 November 2007
Before deciding to buy any shares you should (a) consult a financial adviser and
(b) ensure that you have read carefully the prospectus governing the offer. This
communication is not for distribution directly or indirectly in or into the
United States, Canada, Australia, Japan or any GCC country other than the UAE.
DUBAI WORLD ANNOUNCES DP WORLD IPO PRICING
Dubai, 21 November 2007: - Dubai World today announces it has priced shares in
the initial public offering (IPO) of its global marine terminal operator DP
World at US$1.30 per share - the top of its indicative range of US$1.00 -$1.30
per share, implying a market capitalisation for DP World of US$21.6 billion.
Twenty-three percent of the shares of DP World, amounting to 3,818.0 million
shares, comprised of 3,245.3 million shares plus up to an additional 572.7
million shares available through the greenshoe over-allotment option(1), was
offered globally by its sole shareholder, Dubai World subsidiary Port & Free
Zone World (P&FZ World), to international institutional investors, and in the
UAE to retail investors. A portion was also allocated to holders of the PCFC
convertible Islamic bond, or sukuk, that was issued in January 2006.
Including the greenshoe, the proceeds of the IPO amount to US$4.96 billion,
making it the largest IPO ever in the Middle East.
The IPO opened on 4 November 2007, with the UAE retail offer closing on 15
November 2007 and the institutional offering closing on 20 November 2007. The
deal has been more than 15 times oversubscribed.
Excluding 25 percent of the shares expected to be allocated to sukuk holders,
approximately 10 percent of the shares offered will be allocated to retail
investors, with the rest to institutional investors. Accepted applicants in the
UAE retail offer will receive a minimum allotment of 3500 shares with allocation
pro rated thereafter.
Chairman of Dubai World and of DP World, Sultan Ahmed Bin Sulayem, said:
"We are delighted with the response to the IPO and pleased so many investors
want to share in the future of DP World. The fact the IPO has been so heavily
oversubscribed reflects the market's confidence in the business, its management,
and the company's potential in the future.
"There was strong demand for the shares internationally amongst institutions,
similar to that we experienced with our bond and sukuk issues in June, and DP
World will have a solid base of international investors who are looking to grow
value over time. Orders were particularly strong from institutional investors
in the UAE and in the US and Europe.
"But importantly, we also saw strong demand from retail investors throughout the
UAE, and Dubai in particular, and from both UAE residents and other GCC
nationals. We said when we launched the IPO earlier this month that we were
keen investors in our home market participated in DP World's future. The
allocation we have agreed on will see all those whose applications were accepted
receiving at least 3500 shares.
"We believe the combination of price and allocation strikes a good balance
between stability and liquidity for the secondary market.
"This is an important step for Dubai World and for Dubai. We look forward to
sharing our success with shareholders into the future."
DP World Executive Vice Chairman and Group CEO of P&FZ World, Jamal Majid Bin
Thaniah said:
"DP World is one of the world's foremost marine terminal operators both in scope
and scale. It has an exciting future, and will seek to continue to grow and
prosper for the benefit of its shareholders, both retail and institutional.
Efficient infrastructure is the backbone of every national economy, and with
operations now in 22 countries, DP World is well placed to contribute to the
further growth of world trade."
DP World CEO Mohammed Sharaf said:
"We would like to thank all those who gave us their vote of confidence by
applying for our shares. We will work hard to continue to earn the confidence
of our shareholders at home and overseas. Ours is a strong business in a
thriving industry. We will continue to expand, looking for opportunities that
create value for both our customers and our shareholders over time."
The shares are expected to be listed on the Dubai International Financial
Exchange (DIFX) on 26 November.
Not for distribution, directly or indirectly, in or into the United States,
Canada, Australia, Japan or any GCC country other than the UAE.
Background Notes for Editors
DP World is the fourth largest marine terminal operator in the world by capacity
and throughput. The Company is also one of the most geographically diversified
container terminal operators. Its network of terminals had, in their ongoing
business, a gross capacity of 48.6 million twenty-foot equivalent units ("TEUs
") as of December 31, 2006. The Company generated gross throughput of 36.8
million TEUs and 20.3 million TEUs for the year ended December 31, 2006 and the
six months ended June 30, 2007, respectively.
DP World highlights include:
* a truly global portfolio of 42 terminals in 22 countries
* a significant bias towards handling the more stable and higher
margin origin and destination (import/export) cargo, with only around a quarter
of current volumes being transhipment cargo
* a pure play port operator with long term, stable business model
* the company is growing faster than the market; DP World volumes
grew approximately 18% in 2006 compared with market growth of approximately 11%
* strong growth has continued into the first half of 2007
* strong pipeline of new projects and expansions expected to nearly
double capacity to around 90 million TEU (twenty-foot equivalent container
units) in 10 years.
Financials
For the year ended December 31, 2006 and the six months ended June 30, 2007, DP
World generated Proforma Revenue from operations (not including revenue
attributable to its joint ventures and associates) of $2,076.0 million and
$1,209.0 million, respectively, and Proforma Adjusted EBITDA(2) of $705.3
million and $453.7 million, respectively.
Lead Managers
Deutsche Bank AG, Merrill Lynch International, Millennium Finance Corporation
Ltd and SHUAA Capital PSC are acting as Joint Global Co-ordinators and Joint
Lead Managers to the listing. The receiving banks for the UAE retail offer are
Mashreq Bank PSC, Emirates Bank, Abu Dhabi Commercial Bank and First Gulf Bank.
Mashreq Bank PSC is the lead receiving bank.
Not for distribution, directly or indirectly, in or into the United States,
Canada, Australia, Japan or any GCC country other than the UAE.
Enquiries:
DP World
Sarah Lockie, Head of Corporate Communications
Fiona Piper, Head of Investor Relations
Tel: +971 4 8811110
Bell Pottinger
Tom Mollo Tel: +971 (0) 50 550 4203
Elaine Boucher Tel: +971 (0) 50 422 9680
World View Communications
Sana Maadad Tel: +971 (0) 50 552 2610
Brunswick Group LLP
Jon Coles / Chris Blundell
Tel: +44 (0) 20 7404 5959
Deutsche Bank AG
Iain Macleod
Managing Director, Head of Infrastructure EMEA
Christopher Laing
Managing Director, Head of GCC ECM
Melanie Saluja
Managing Director, Equity Capital Markets
Tel: +44 (0) 20 7545 8000
Merrill Lynch International
Justin Anstee
Managing Director, Head of European Transport
Lorcan O'Shea
Director, Equity Capital Markets
Tel: +44 (0) 20 628 1000
Millennium Finance Corporation Ltd
Alexandre Markarov
Managing Director, Investment Banking
Lachlan Davidson
Head of Legal
Tel: +971 4 363 4200
SHUAA Capital PSC
Salam Saadeh
Managing Director, Investment Banking Group
Tel: +971 4 319 9730
Makram Kubeisy
Managing Director, Investment Banking Group
Tel: +971 4 319 9782
This announcement has not been reviewed or approved by any regulatory authority,
including the UAE Central Bank, Emirates Securities and Commodities Authority
and/or the Dubai Financial Services Authority. The purchase of shares in a
company involves financial risk. Before deciding to buy any shares and/or if you
do not understand the contents of this announcement, you should (a) consult a
financial adviser and (b) ensure that you have read carefully the prospectus
governing the offer. This announcement and the information contained herein is
not an offer of securities for sale in the United States (including its
territories and possessions, any State of the United States and the District of
Columbia). The securities discussed herein have not been and will not be
registered under the US Securities Act of 1933, as amended (the "US Securities
Act"), and may not be offered or sold in the United States absent registration
or an exemption from registration under the US Securities Act. No public
offering of the securities discussed herein is being made in the United States
and the information contained herein does not constitute or form part of any
offer or solicitation to purchase or subscribe for securities in the United
States, Canada, Australia, Japan or any GCC country other than the UAE. This
announcement is not for distribution directly or indirectly in or into the
United States, Canada, Australia, Japan or any GCC country other than the UAE.
The shares will not be offered in any jurisdiction other than in compliance with
the applicable laws, rules and regulations governing the issue, offering and
sale of securities to the public. This announcement is only directed at (i)
persons who are outside the United Kingdom or (ii) investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the "Order") or (iii) high net
worth entities, and other persons to whom it may lawfully be communicated,
falling within Article 49 (2)(a) to (d) of the Order (all such persons together
being referred to as "relevant persons"). The securities are only available to,
and any invitation, offer or agreement to subscribe, purchase of otherwise
acquire such securities will be engaged in only with, relevant persons. Any
person who is not a relevant person should not act or rely on this announcement
or any of its contents. Any offer of securities to the public that may be deemed
to be made pursuant to this announcement in any EEA Member State that has
implemented Directive 2003/71/EC (together with any applicable implementing
measures in any EEA Member State, the "Prospectus Directive") is only addressed
to qualified investors in that Member State within the meaning of the Prospectus
Directive.
The Joint Global Coordinators and Joint Lead Managers are acting for DP World in
relation to the IPO and for no one else and will not be responsible to anyone
other than DP World for providing the protections afforded to their respective
clients nor for providing advice in relation to the IPO or the contents of this
document, the prospectus or any transaction, arrangement or matter referred to
herein.
This announcement includes forward-looking statements. The words "anticipate",
"believe", "expect", "plan", "intend", "targets", "aims", "estimate", "project",
"will", "would", "may", "could", "continue" and similar expressions are intended
to identify forward-looking statements. All statements other than statements of
historical fact included in this announcement, including, without limitation,
those regarding our financial position, business strategy, management plans and
objectives for future operations, are forward-looking statements. These forward-
looking statements involve known and unknown risks, uncertainties and other
factors, which may cause our actual results, performance or achievements, or
industry results, to be materially different from those expressed or implied by
these forward-looking statements. These forward-looking statements are based on
numerous assumptions regarding our present and future business strategies and
the environment in which we expect to operate in the future.
This announcement does not constitute a recommendation concerning the IPO. The
value of shares can go down as well as up. Past performance is not a guide to
future performance. Potential investors should consult a professional advisor as
to the suitability of the IPO for the individual concerned.
--------------------------
(1) An option granted by the company to its banking advisers to buy an
additional percentage of the IPO shares at the offering price for a period of 30
days after the offering. This option is also called the "greenshoe" .
(2) Adjusted EBITDA is defined as the sum of profit after tax from continuing
operations, plus finance costs (net of finance income), income tax, depreciation
and amortisation, further adjusted to remove the impact of separately
disclosable items.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEFGMZMVMRGNZG
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Dp World 37 (LSE:58UT)
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