DP World plans a sale of shares

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Dubai Ports World, which bought P&O last year, is planning to sell 20% of its shares in an offering next month.

The offering will begin on 4 November and shares will be listed on the Dubai International Financial Exchange.

DP World is the world's fourth largest container port operator and is controlled by the Dubai government.

No official details were given of the amount of money the sale will raise, although reports have put the figure at about $4bn (£2bn).

If that valuation is accurate it will surpass Saudi Telecom as the Middle East's largest initial public offering.

The sale will be open to institutional investors worldwide as well as nationals of the six Gulf Arab oil producing states and residents of the United Arab Emirates.

DP World bought P&O last year in a deal worth $6.9bn (£3.4bn) but later had to sell on its US ports following political opposition to the deal.