DUBAI (Reuters) – Dubai’s DP World (DPW.DI), one of the world’s largest port operators, said on Monday it would delist and return to full state ownership in a deal valuing the company at $13.9 billion.

Parent company Port and Free Zone World, a wholly-owned subsidiary of state investment vehicle Dubai World, is to acquire the 19.55% of DP World’s shares listed on the Nasdaq Dubai.

Each listed share will be acquired for $16.75, a 28.8% premium on Sunday’s closing price of $13 a share, according to a stock filing.

Port and Free Zone World already owns 80.45% of ordinary share capital of the port operator.

DP World is delisting to focus on its medium-to-long-term strategy and free it from “the demands of the public market for short term returns which are incompatible with this industry,” said Chairman Sultan Ahmed bin Sulayem.

DP World, which listed on the Nasdaq Dubai in 2007, has diversified its operations in recent years beyond port facilities to include industrial parks and inland transportation.

DP World shares surged 9.62% after it announced it would delist, however, but they had lost more than a quarter of value over the past year.

The operator was valued at $4.96 billion when it listed in 2007. It was also listed on the London Stock Exchange between 2011 and 2015.

Reporting by Alexander Cornwell; Editing by Tom Hogue and Kim Coghill

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