DP World: No Private Equity Approach

DUBAI  (Reuters) – Port operator DP World (DPW.DI) has never been approached to sell a stake to a private equity firm and any decision would be up to the company’s board, Chief Executive Mohammed Sharaf said on Thursday.

“There is no update … we haven’t been approached by anybody,” he said in a conference call.

Parent company Dubai World said in May it was in talks to sell a stake in the port operator after it was approached by a regional private equity firm to sell a minority stake.

Selling a stake would be “something for the board of DP World to decide,” he said. State-owned Dubai World is the majority shareholder in DP World. (Reporting by John Irish; Editing by Amran Abocar)