DP World shareholders have approved a plan to buy back "a limited number of shares." The shareholders also "authorised the company to reduce its share capital by cancelling any or all of the ordinary shares purchased," the Dubai-based company said in a statement to Nasdaq Dubai yesterday.
DP World's request for the "renewal of an existing authority allowing the company to allot, or issue, up to a limited number of shares — 5 per cent of the nominal value of the issued and unconditionally allotted share capital of the company — free of pre-emption rights" was also approved by the shareholders, it said.
DP World also said yesterday that gross container volumes handled at its terminals rose 9.5 per cent to 13.8 million twenty-foot equivalent units in the first quarter. Excluding the contribution from new capacity, like-for-like growth was 7.4 per cent, it said.
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