DP World under no pressure from Dubai to sell assets- COO
We are not compelled to do anything says company’s chief
January 23, 2011 3:37 by Reuters
Ports operator DP World is under “no pressure” from the Dubai govenment to sell its assets for debt repayments, the company’s chief operating officer said on Sunday.
“There is no pressure from Dubai to sell assets. We are not compelled to do anything,” Anil Wats told reporters on the sidelines of a conference in Dubai.
Last year, DP World said it planned to sell its Australian operations to private equity firm Citi Infrastructure Investors (CII) in a deal worth $1.5 billion as it tried to reduce its debts. “This was a business decision,” Wats said, giving no further details.
(Reporting by Praveen Menon; Editing by Amena Bakr and Martina Fuchs)