RNS Number:9877G
DP World Limited
04 November 2007
Not for distribution, directly or indirectly, in or into the United States,
Canada, Australia, Japan or any GCC country other than the UAE.
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.
DP WORLD IPO OPENS
Dubai, 4 November 2007: - Global marine terminal operator DP World today
released its summary document, including the application form, and full
prospectus for UAE retail investors, and set an indicative price range of
US$1.00 - US$1.30 per share for shares in its initial public offering (IPO).
2.822 billion shares, subject to a greenshoe(1) of 498 million shares, will be
offered to investors globally. The final price of the securities will be in US
dollars and will be established through a bidding process with international
institutional investors, which will set a market price before listing. Retail
and institutional investors will pay the same final price, which is expected to
be announced on or around 21 November.
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.
The intention to float up to 20 percent of DP World was announced on 21 October.
The IPO will be in the form of a sale of shares by DP World's sole shareholder,
Port & Free Zone World (P&FZ World), which will retain majority ownership. P&FZ
World is a wholly owned subsidiary of Dubai World.
DP World shares are expected to list on the Dubai International Financial
Exchange (DIFX) towards the end of November.
The shares will be offered globally to institutional investors in certain
jurisdictions, and in the UAE the offer includes UAE residents and nationals,
and GCC nationals, residents and corporates with qualifying investment accounts
in the UAE.(2) The UAE retail offer applications must be made in the UAE.
Application forms for the UAE retail offer will be provided with a summary
document, which, together with the full prospectus, are available to eligible
UAE retail investors in the UAE from today. UAE retail investor applications
will be accepted by receiving banks from today until 12 (noon) on 15 November.
Chairman of Dubai World and of DP World, Sultan Ahmed Bin Sulayem, said:
"DP World has grown from strength to strength since it began with just one port
in Dubai some 35 years ago. Today, with 42 terminals in 22 countries, DP World
is one of the most geographically diverse port operators in the world. Its
capable international management team has delivered solid performances measured
both by increased container throughput and by strong financial results. We
expect this to continue into the future, given the continued increase in volumes
flowing through the supply chain and the constraints on the ports industry's
ability to meet that demand globally."
DP World Executive Vice Chairman and Group CEO of P&FZ World, Jamal Majid Bin
Thaniah said:
"The indicative price range reflects DP World's strong reputation
internationally and confidence in its future. DP World is a long term business
and our pre-marketing has indicated that potential investors recognise that and
are interested in a correspondingly medium to long term investment in our
shares."
DP World CEO Mohammed Sharaf said:
"Our corporate strategy is simple: to grow in a way that meets our customers'
needs into the future and provides value for our shareholders. That means we
constantly look for efficiencies, we weigh investments carefully, and we work
with our customers to ensure we grow with them. This has been a successful
approach to date. We have a strong track record of winning concessions globally
and we constantly look for new opportunities in both developing and developed
markets."
Mr Bin Sulayem, Mr Bin Thaniah and Mr Sharaf, together with DP World CFO Yuvraj
Narayan, officially launched the IPO in Dubai today, holding a majlis (meeting)
outdoors at the Dubai International Financial Centre (DIFC), and answering
questions put to them by potential UAE retail investors.
Background Notes for Editors
DP World has applied for its Shares to be admitted to the Official List of
Securities of the DIFX and to list its Shares on the DIFX.
Overview
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 42 container terminals, which span 22
countries, 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 is a pure play marine terminal operator in the ports business focusing
its management and resources on the operation and development of ports around
the world under long-term concession arrangements.
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(3) 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.
Sukuk Information
For holders of the PCFC Development Sukuk, the IPO of DP World will be a
Qualifying Public Offering ("QPO") and, accordingly, a portion of the sukuk will
be redeemed pursuant to its terms following the IPO
Enquiries:
DP World
Sarah Lockie, Head of Corporate Communications
Fiona Piper, Head of Investor Relations
Tel: +971 4 8811110
Bell Pottinger
Tom Mollo +971 (0) 50 550 4203
Elaine Boucher +971 (0) 50 422 9680
World View Communications
Sana Maadad +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.
Not for distribution, directly or indirectly, in or into the United States,
Canada, Australia, Japan or any GCC country other than the UAE.
--------------------------
(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 overallotment option and
is exercised when the IPO is oversubscribed and trading above its offer price to
stabilise the market.
(2) Those eligible to participate in the UAE retail offer are (a) UAE and other
Gulf Co-operation Council (GCC) nationals who are resident in the UAE or another
GCC country, (b) other UAE residents with a valid residency visa and (c)
corporate entities organised under the laws of the UAE or another GCC country,
who, in each case, hold a securities account with one of the assigned brokers
and apply for Shares according to the UAE Retail Offer in the UAE. GCC countries
are Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the United Arab Emirates.
(3) 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
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