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Union Properties plans Emicool IPO in 2017

Union Properties plans Emicool IPO in 2017
Photo Credit: Arabianeye-Reuters
UPP
UPP
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By: Amr Adel

Dubai - Mubasher: The Chairman of Union Properties (UP), Khalid Bin Kalban, said Wednesday that he is hoping to list Emirates District Cooling Company (Emicool) in the Dubai Dinancial Market (DFM) before the end of 2017.

Bin Kalban added on the sidelines of the company’s general assembly meeting that the listing plan still exist and it doesn’t depend on the market’s conditions.

Issuing 30% of Emicool’s stocks was delayed more than once due to the market’s circumstances, however, it is expected to gather funds of $200 million.

The chairman expects the value of Emicool to increase before the awaited initial public offering (IPO).

Bin Kalban also praised the company’s performance especially in the current challenging economic environment.

Khalid Bin Kalban added that the company’s projects currently under construction reached AED 1.4 billion.

The company is now focused on developing the Dubai Motor City area, with around 11 million square feet ready for construction, as well as the Green Community in Dubai Investment Park (DIP) with investments of AED 800 million.