Dubai – Mubasher: Dubai Investments plans to implement initial public offering (IPO) for Emirates District Cooling LLC (Emicool) on the Dubai Financial Market (DFM) in the fourth quarter of 2018, said managing director and the CEO Khalid Bin Kalban.

The firm will carry out a lot of steps for expansions after acquiring Emicool, Albayan newspaper reported, citing Bin Kalban as saying.

The IPO on the DFM will be the last step, Bin Kalban added.

On Monday, Union Properties announced selling its whole 50% stake in Emicool for Dubai Investments at a value of AED 500 million ($137 million).

“The transaction strengthens Dubai Investments’ portfolio in the utility service domain, growing its asset base, and is expected to boost future profitability and deliver value to shareholders,” Dubai Investments managing director and CEO Khalid Bin Kalban added on Monday.

The deal will be reflected in Dubai Investments’ consolidated financials with EBITDA to increase by AED 110 million, while total assets will level up by AED 1.8 billion, and liabilities would rise by AED 1.2 billion.

Union Properties will allocate the transaction’s revenues to enhance its investments’ portfolio, implement more expansions, and carry out development projects.