DP World meets deliverables tied to sukuk and bonds

DP World, a subsidiary of Dubai World, said it had paid regular coupon and profit obligations tied to a sukuk and a bond issue on time.

The ports operator, one of the largest in the world and listed on Nasdaq Dubai, said it had distributed profit for the 180-day period on its $1.5 billion (Dh5.5bn) sukuk issue due in 2017, according to a statement on the bourse website yesterday.

The profit rate was 6.25 per cent for a payout of $46.9 million.

DP World, which is not part of its parent's debt restructuring plans, also said it had completed a coupon payment of $59.9m for the period ending December 31, 2009 on a $1.75bn bond issue due in 2037. Dubai World is expected to pitch a formal standstill proposal on its debt payments to creditors this month, while it comes up with a restructuring plan. The DP World statement coincided with the inauguration of Burj Khalifa, as the emirate pursues efforts to bolster investor sentiment that plummeted with the Dubai World debt announcement.

In October, DP World reported a six per cent fall in third-quarter container volumes.

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