Regional private equity firm to buy into DP World

Technorati Tags: Baltic Dry Index,Baltic Dry Indices,Ship Chartering,Shipchartering,Voyage Fixtures,Time Charter Fixtures,Panamax,Capesize,Handymax,Handysize,Supramax,Dry Cargo Fixtures,Bulk Cargo Fixtures,Baltic Exchange,Freight Review,Maritime Baltic Index,TNT Freight Review,DP World,Port Operator,DP World gets equity boost,Funds buy DP World

Dubai: Global port operator DP World  said Sunday its main government-owned shareholder is in talks to possibly sell a minority stake in the port operator to a Middle East private equity firm.
A successful deal could provide a significant boost to DP World and its battered shares, which have tumbled more than 70 percent since they were floated in late 2007. Depending on how it was structured, the buy-in could also give the state-controlled company's cash-strapped parent a welcome capital injection.
In a statement posted Sunday on the Nasdaq Dubai stock exchange, DP World said its parent "has received an approach from and is engaged in discussions with a regional private equity firm."
The talks "may or may not result in a transaction regarding a minority stake" in the port operator, said DP World. [11/05/09]