Empower announces increase in IPO Offer Size to 15%

Empower announces increase in IPO Offer Size to 15%

DUBAI, 1st November, 2022 (WAM) -- Emirates Central Cooling Systems Corporation PJSC (Empower), today announces that the “Selling Shareholders” have exercised their right to increase the number of shares offered in Empower’s initial public offering from 1 billion ordinary shares to 1.5 billion ordinary shares.

The announcement was made following approval from the Securities and Commodities Authority (SCA), Dubai Electricity and Water Authority PJSC (DEWA) and Emirates Power Investment LLC (Emirates Power), an indirectly wholly owned subsidiary of Dubai Holding LLC (Dubai Holding). The increase would result in an increase in the Offer Size from 10.0 to 15.0 percent of Empower’s share capital, with DEWA and Emirates Power continuing to own 59.5 percent and 25.5 percent of Empower’s existing share capital respectively following the Offering.

Empower has also received approval from the SCA to increase the size of the tranche reserved for qualified investors from 9.0 percent (representing 900 million shares) to 14.0 percent (representing 1.4 billion shares). The First Tranche will remain unchanged at 100 million shares.

The new offering size was determined by the Selling Shareholders, following Empower’s decision to set the offer price range at between AED 1.31 and AED 1.33 per ordinary share on 31st October 2022, providing investors