Empower plans to sell 10% stake, list on Dubai Financial Market

Empower plans to sell 10% stake, list on Dubai Financial Market

Dubai / WAM

Emirates Central Cooling Systems Corporation (Empower) on Monday announced its intention to proceed with an initial public offering (IPO) and to list a portion of its ordinary shares for trading on the Dubai Financial Market (DFM).

In a press conference, Empower said that one billion (1,000,000,000) shares, each with a nominal value of AED0.10 (ten fils) will be made available in the offering, representing 10% of Empower’s total existing share capital.

It added that all shares to be offered represent the sale of existing shares held in aggregate by Dewa and Emirates Power (an indirectly wholly owned subsidiary of Dubai Holding) (together the “selling shareholders”), with Dewa selling 7% and Emirates Power selling 3% in the offering.

The corporation added that the selling shareholders reserve the right to amend the size of the Offering (in whole and/or individual tranches) at any time before the end of the subscription period of the second tranche, subject to applicable laws and approval by the Securities and Commodities Authority (SCA).

The subscription period will open on October 31 and is expected to close on November 7 for the UAE Retail Investors and on November 8 for qualified investors.

The Internal Sharia Supervision Committee