P&O GROUP SEEKS LISTING ON U.S. STOCK MARKET
Peninsular and Oriental Steam Navigation Co. is planning to list the
company on a U.S. stock exchange next year.
The British property and shipping group, currently in the midst of selling
its property activities, aims to list the group’s shares in the U.S. in the summer or
early fall of 2000. P&O’s shares are currently traded on the London stock exchange.
P&O said that its cruise division and its ports and logistics activities
are performing strongly.
P&O Nedlloyd, the Anglo-Dutch container shipping line 50-percent owned by
the P&O group, has seen an improvement in volumes and rates since the end of the third
quarter, the group said.
Besides its stake in P&O Nedlloyd, the P&O group is the parent
company of Associated Bulk Carriers and various port companies, including ITO Corp.
A spokesman for the P&O group said that there was no timetable concerning
the separate listing of the P&O Nedlloyd subsidiary.