Industry News

Empower News

Summary

Emirates Central Cooling Systems Corporation PJSC (“Empower” or the “Company”), the world’s largest[1] district cooling services (“DCS”) provider and a clear leading player in the Dubai district cooling market with a targeted market share of approximately 80% of the total connected capacity by the end of 2022, today announces its intention to proceed with an initial public offering (the “IPO” or the “Offering”) and to list a portion of its ordinary shares (the “Shares”) for trading on the Dubai Financial Market (“DFM”).

KEY HIGHLIGHTS OF THE OFFERING

• One billion (1,000,000,000) Shares each with a nominal value of AED 0.10 (ten fils) will be made available in the Offering, representing 10% of Empower’s total existing share capital
• 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 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 SCA
• The Offering will be made available to individual and other investors as part of the UAE Retail Offering (as defined below) as well as to professional investors outside the United States of America, including the UAE, as part of the Qualified Investors Offering (as defined below)
• The subscription period will open on 31 October 2022 and is expected to close on 7 November 2022 for UAE Retail Investors and on 8 November 2022 for Qualified Investors
• The Internal Sharia Supervision Committee of Emirates NBD Bank PJSC has issued a pronouncement confirming that, in its view, the Offering is compliant with Shariah principles
• Admission of the Shares to trading on the DFM is expected in November 2022