Dubai Ports World (DP World) said it had completed the acquisition of a container terminal in the Indian port of Chennai.

It has bought the 20 per cent stake of Chettinad Logistics and the 5 per cent stake of Jakari Group in the Chennai Container Terminal, it said in a statement late on Friday.

The company did not disclose the value of the deal.

Meanwhile in another development, shareholders of DP World approved a share buy-back after hearing the company chairman say the stock's performance was 'disappointing'.

A shareholders' meeting approved the buy-back, which comes after the expiry of a 180-day lock-up following the company's initial public offering in November, DP World said in a statement.

'Our share price performance has been disappointing; global financial markets have been very volatile and as a global company, we are impacted as are other global companies when markets fall,' chairman Sultan Ahmed bin Sulayem was quoted as telling the meeting.

Sulayem said a 52 per cent profit growth in 2007 to $419.7 million was proof of the strength of the company, one of the world's largest container port operators.

DP World's shares closed up 1.01 percent on Friday at 99 US cents on the Dubai International Financial Exchange. The stock has fallen 18.85 per cent this year.-Reuters