Port operator DP World says it is seeking shareholder approval to consolidate their holdings before a possible listing on the London Stock Exchange.
A statement by the global cargo handler says it plans to move ahead with the stock deal May 19 if shareholders back the plan at a meeting Wednesday.
The deal would give shareholders one share in exchange for every 20 they own, effectively raising the stock price by 20 times. It would clear the way for plans to list on the London exchange.
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