Emirates District Cooling eyes 2011 IPO - executive

Firm is looking to increase district cooling production to 360,000 tonnes by year end.
Emirates District Cooling eyes 2011 IPO - executive
IPO PLANS: Emicool general manager Adib Moubadder said the company would seek to list on the DFM by the end of 2011.(Getty Images)
By Jason Benham
Mon 27 Sep 2010 12:49 PM

UAE district cooling firm, Emirates District Cooling (Emicool) is planning to launch an initial public offering (IPO) by the end of 2O11, its general manager said on Monday.

"We are thinking of going public very soon. We are planning to IPO," Adib Moubadder told reporters at a conference organised by Middle East Economic Digest (MEED).

Moubadder said Emicool would seek to list on the Dubai Financial Market.

He added that the company is looking to increase district cooling production to 360,000 tonnes by year end from 300,000 tonnes currently.

In November, Dubai developer Union Properties said it was in talks with two investors to sell its 50 percent stake in Emicool.

A subsidiary of Dubai Investments holds the remaining 50 percent stake in the cooling firm. (Reuters)

For all the latest UAE news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.