Dubai Investments becomes sole owner of Emicool

Dubai – Mubasher: Dubai Investments on Sunday announced acquiring a 50% stake in Emirates District Cooling LLC (Emicool).

The stake, previously owned by Union Properties, amounted to AED 500 million and will be reflected in Dubai Investments’ consolidated financials with EBITDA to rise by AED 110 million.

Following the deal, Emicool has become a wholly-owned subsidiary of Dubai Investments, “whose total assets would go up by AED 1.8 billion while liabilities would increase by AED 1.2 billion,” according to a statement.

“The transaction strengthens Dubai Investments’ portfolio in the utility service domain, growing its asset base, and is expected to boost future profitability and deliver value to shareholders,” commented Dubai Investments managing director and CEO Khalid Bin Kalban.

He added that the acquisition will bolster his company’s growth and expansion plans, fueled by surging regional demand.

“Emicool has carved a niche in the district cooling sector,” bin Kalban noted, indicating Emicool’s 19,000-customer base in the UAE.

The district cooler is looking to bolster its plant capacity to 500,000 tonnes of refrigeration (TR) by 2020, a step that will ramp up demand for cooling services in both the UAE and the region.

Mubasher Contribution Time: 21-Jan-2018 06:01 (GMT)
Mubasher Last Update Time: 21-Jan-2018 06:03 (GMT)