Dubai, UAE—Emirates Central Cooling Systems Corporation (Empower) Monday announced it will list 10 percent stake in its IPO and list a portion of its ordinary shares for trading on the Dubai Financial Market (DFM).
Empower said that 1 billion shares, each with a nominal value of AED0.10 (ten fils) will be made available in the offering. 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), with DEWA selling 7 percent and Emirates Power selling 3 percent in the IPO.
The corporation added that the DEWA and Emirates Power reserve the right to amend the size of the offering 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 31 October 2022 and is expected to close on 7 November 2022 for the UAE Retail Investors and on 8 November 2022 for Qualified Investors.
The Internal Sharia Supervision Committee of Emirates NBD Bank has issued a pronouncement confirming that, in its view, the Offering is compliant with Shariah principles.
The company’s existing share capital consists of 10 billion shares, each with a nominal value of AED0.10, which are fully paid, issued and outstanding.