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Dubai Investments earns $258m profit from the Emicool deal, says CEO

By District Energy posted 09-07-2022 16:03

  

Arab News

Summary

Dubai Investments Co. earned 950 million dirhams ($258 million) from the Emicool deal it concluded earlier, the company’s CEO told Al-Arabiya. 

Khalid bin Kalban said the company will use the funds in debt reduction, paying exceptional profits to shareholders and making further investments. 

The company sold a 50 percent stake in Emirates District Cooling Co., known as Emicool, to Actis Investment Co. in a deal valued at 1.2 billion dirhams. 

Emicool has a corporate valuation of 3.7 billion dirhams and equity valuation of 2.4 billion. 

Established in 2003 as a wholly-owned subsidiary of Dubai Investments, Emicool provides district cooling services in the UAE with 30 percent market share. 

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