Emirates Central Cooling Systems Corporation PJSC announces offer price range

Emirates Central Cooling Systems Corporation PJSC announces offer price range

- Price range has been set at between AED 1.31 and AED 1.33 per share, implying a market capitalisation of between AED 13.1bn to AED 13.3bn (c.US$ 3.6bn) [1]

- A total of 1,000,000,000 shares, representing 10% of Empower's share capital, will be offered, with Dubai Electricity and Water Authority PJSC (“DEWA”) and Emirates Power Investment LLC (“Emirates Power”, together with DEWA, the “Selling Shareholders”) reserving the right to amend the size of the Offering (defined below) at any time prior to the end of the subscription period at their sole discretion

- UAE Strategic Investment Fund, Shamal Holding and Abu Dhabi Pension Fund to become cornerstone investors in the IPO with a total commitment of up to AED 335m

- The IPO subscription period starts today and is expected to close on 7 November 2022 for UAE Retail Investors and on 8 November 2022 for Qualified Investors

- The final offer price will be determined through a book building process and is expected to be announced on 9 November 2022

- Admission of the shares to trading on the DFM is expected on 15 November 2022

Dubai, UAE: Emirates Central Cooling Systems Corporation PJSC (“Empower” or the “Company”), the world’s largest[2] district cooling services provider