Empower News
Summary
Emirates Central Cooling Systems Corporation PJSC (“Empower” or the “Company”), today announces that, following approval from the 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”), (together the “Selling Shareholders”) have exercised their right to increase the number of shares offered in Empower’s initial public offering (“IPO” or the “Offering”) from 1,000,000,000 ordinary shares to 1,500,000,000 ordinary shares, which would result in an increase in the Offer Size from 10.0% to 15.0% of Empower’s share capital, with DEWA and Emirates Power continuing to own 59.5% and 25.5% 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 (defined as “Second Tranche” in the UAE Local Prospectus) from 9.0% (representing 900,000,000 shares) to 14.0% (representing 1,400,000,000 shares). The First Tranche will remain unchanged at 100,000,000 shares.
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