Dubai's DP World says no plans for share buyback

Dubai's DP World, one of the world's biggest port operators, said on Monday it had no plans to buy back any of its shares after investors approved a technical measure allowing the company to do so.

"We have no plans for a buy back but this resolution has been included in the notice for the last six years for international best practice reasons and to retain flexibility," a spokesman for DP World said in an emailed statement.

Earlier on Monday, shareholders approved a proposal to buy back a 'limited number' of the company's shares, 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.

DP World's shares closed Monday 1.3 per cent higher.

4.4 pct rise in Q1 gross container volumes

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

Gross volumes totalled 15 million 20-foot equivalent units (TEU) in the opening three months of 2015, the company said in a bourse filing, driven by performance in Europe, Asia and the UAE -- where year on year growth was 7.7 per cent.

The firm added that business conditions in Australia were mixed in the quarter, while new capacity at its Nhava Sheva operations in India, due to come on line during the first half of 2015, would help ease the constraints which weighed on performance there.

Consolidated volumes, at terminals over which DP World has control, rose 4.5 per cent on a like-for-like basis in the first quarter to 7.1 million TEU.