Dubai Investments Co. has earned 50 million dirhams ($258 million) from the Emicool deal it concluded earlier.
According to the company’s CEO, Khalid bin Kalban, 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.