Dubai's Empower floats 10% in IPO, signals growth objectives

clock • 2 min read

Emirates Central Cooling Systems Corporation PJSC has announced its intention to float 10% of the company on the Dubai Financial Market through an IPO. Known under its trading name of Empower, it is the world's biggest district cooling services provider. Established in 2003, it is is backed by Dubai Electricity and Water Authority (DEWA), which owns 70% of the shares, with the remaining 30% owned by Emirates Power Investment LLC (Emirates Power - itself an indirect wholly owned subsidiary of Dubai Holding LLC).  In its IPO announcement of 24 October, Empower said its intention was to ...

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