DP World seeks $4.32bn share sale

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Dubai Ports World, which owns P&O, aims to make around $4.32bn (£2.06bn) as it lists 17% of the firm's shares.

The company announced that it would sell 2.822 billion shares costing between $1 and $1.3 each on the Dubai International Financial Exchange.

There will also be the option to buy another 3% of shares, if there is sufficient demand said the firm.

The listing by the firm, which acquired P&O for $6.9bn in 2006, is thought to mark a record for the Middle East.

DP World, which operates 42 terminals across 22 countries, is run by the Dubai government and the world's fourth largest container port operator.

Institutional investors worldwide as well as citizens of the six Gulf Arab oil producing states and residents of the United Arab Emirates will be able to buy shares.

Following the acquisition of P&O, the firm had to sell its US ports business after political opposition to the deal.

In 2006, DP World oversaw 23.5 million containers - representing 6% of the world total.