Utico, the only private water and power company in the UAE, on Monday said it intends to list the company in 2021.
In a statement, Utico said its advisors were in negotiations to list the company through an AED3 billion ($810 million) valuation IPO in Dubai later this year.
“It is a co-incidence that the government’s decree that all private joint stock companies and international private companies which derive greater than 50 percent of their profits from the UAE to be listed in the local securities exchanges, and our own intent to list in the UAE is pleasantly in line with the vision of the country’s leadership, said Richard Menezes, CEO of Utico.
Utico also said it plans to improve its offerings and bringing more products and services to the consumers and customers in line with its full spectrum circular economy sustainability business model.
Utico intends to list 20-30 percent of the company, Menezes (pictured below) said, adding that investors could expect a stable incremental dividend increase by 8-10 percent.
The shareholders of Utico will finalise the dilution after due consultation with advisors and market regulators, he added.
Utico, which was recently awarded Dubai’s largest Hassyan IWP desalination project for 35 years supply, as well as winning a water supply project in Oman, currently serves a population of about 200,000 and holds a market share of 20 percent in the areas it serves.
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