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Dubai Investments still eyes Emicool – Source

Dubai Investments still eyes Emicool – Source
Emicool is currently 50/50 owned by Dubai Investments and Union Properties
UPP
UPP
1.96% 0.42 0.01
Dubai Investments
DIC
0.44% 2.30 0.01

By: Amr Adel

Dubai – Mubasher: Dubai Investments is still interested in acquiring Union Properties’ stake in Emirates District Cooling (Emicool), an informed sourced told Mubasher on Tuesday.

The acquisition comes as part of Dubai Investments’ plan to fully acquire the cooling company, the source, who spoke on condition of anonymity, highlighted.

Talks between Dubai Investments and Union Properties are ongoing, especially after the latter agreed to the price offered by Dubai Investments, the source told Mubasher, noting that no final agreement has been reached.

Earlier on Tuesday, Union Properties announced that it was adding the final touches to the sale of its stake in Emicool.

The Dubai-listed real estate company said it had received various bids for its Emicool stake from UAE firms, adding that it was concluding relevant legal procedures before naming the company that will acquire the stake.

In the event that Union Properties sells its stake to Dubai Investments, the latter may offer Emicool for an initial public offering (IPO), the source concluded.

Union Properties said it will announce the bid winner within days.

Emicool is currently 50/50 owned by Dubai Investments and Union Properties.

 

Translated by: Nada Adel Sobhi