On Wednesday Dubai ports operator DP World alleged that it has agreed to sell 75 percent of its stake in DP World Australia.

It has estimated 1.5 billion US dollars for its stake. This is done as its debt-laden parent firm vies so as to trim down its liabilities.

The world's fourth-largest port operator held that it had agreed to free from the volume of its stake. It would give to Citi Infrastructure Investors and another investment partner, forming a considered partnership so as to control DP World's five workstations in Australia.

It also assumed that the transaction will see DP World monetize 75 percent of its shares in DP World Australia. After giving its share it will continue to supply management service to the Australian operations.

It said that DP World will receive near about 1.5 billion Australian dollars (1.5 billion US dollars) incomes.

Their main aim is to reduce its liability by selling shares. This will be completed by the end of the first quarter of 2011. By this sale, they would try to improve their balance sheet elasticity.