DP World (DPW.DIF), majority owned by Dubai World, the Dubai government conglomerate, has no plans to sell any of its international assets after selling 75% of its Australian port interests to an infrastructure fund managed by Citigroup Inc. (C) for around 1.5 billion Australian dollars ($1.49 billion), the company's chairman said Wednesday.
"There are no plans to sell any DP World assets in other parts of the world. This transaction is not a sale but a partnership where we will have a long-term management contract," Sultan Ahmed Bin Sulayem said on a conference call.
"The transaction will give us the opportunity to explore new ventures in emerging markets like South Asia, Africa and South America," he added.
DP World earlier Wednesday announced it will retain a 25% interest in DP World Australia, which operates five container terminals, and continue to provide management services. The sale price includes repayment of loans owed to DP World by DP World Australia, it said.
DP World shares closed up 6.3% at $0.64 Wednesday on the Nasdaq Dubai exchange. The stock is up more than 25% since early October.
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