DP World could buy back around half of its $1.5 billion sukuk offering which is due to mature in 2017 as the global ports operator seeks to reduce the cost of its debt, it said in a statement on Monday.

Holders of the Islamic bond have until 1600 London time on May 23 to decide whether to accept DP World's offer to buy the sukuk at $10,555 when the face value is $10,000.

The firm will purchase sukuk worth up to $750 million, of which around there was around $1.42 billion of the issue currently outstanding.

DP World has hired Deutsche Bank, HSBC, Citigroup and Dubai Islamic Bank to act as dealer managers for the tender offer, the statement added. - Reuters