Dubai’s DP World Says Shareholders Approve Limited Share Buyback

Dubai’s DP World, one of the world’s biggest port operators, said on Monday its shareholders had approved a proposal to buy back a “limited number” of the company’s shares.

The approval was granted at the firm’s annual shareholder meeting, according to a bourse filing, which said investors also agreed that any shares bought by the company would be cancelled and its share capital reduced accordingly.

The statement did not give more details on the size, timing or terms of a buyback.

DP World reported earlier on Monday a 4.4 per cent rise in gross container volumes on a like-for-like basis in the first quarter of 2015.

Its shares were 1.3 percent higher at 0852 GMT.