GulfBase Live Support
Dubai Investments, a diversified company in which sovereign wealth fund Investment Corporation of Dubai has an 11.54 per cent stake, plans to float at least 30 per cent of its district cooling unit Emicool by the end of 2018 on the Dubai Financial Market, its chief executive said.
Dubai Investments has hired its unit, financial investment firm Al Mal Capital, to be lead manager of the IPO, the Dubai-listed company said. Prior to the IPO, the company plans to acquire two district cooling companies in the UAE with an estimated combined value of Dh600m and then bring in investors to take a stake in Emicool, Khalid bin Kalban told The National.
“We have two steps before we undertake the IPO. We have acquisitions we will make in the second quarter,” Mr bin Kalban said on Saturday. “We have investors who are interested in buying a stake in the company [Emicool] before the IPO. When we get the new investors we will decide with them the stake to be sold.”
Emicool will be the second district cooling firm to be listed in Dubai after National Central Cooling Company, or Tabreed, in which France’s Engie has a 40 per cent stake. Dubai Investments bought this year an additional 50 per cent stake in Emicool from Dubai-listed real estate developer Union Properties for Dh500 million, giving it full ownership of the utilities company.
Public offerings are making a comeback following a dry spell over the past couple of years when a slow down in economic growth forced many companies to shelve plans for IPOs amid concerns of not getting proper valuations for their businesses. The Middle East and North Africa region recorded five IPOs in the third quarter of this year alone, up from a single listing in the same period last year and more offerings are expected, thanks to the recovery in oil prices, consultancy EY said in a report released in December.
The value of IPOs in the third quarter rose 20 per cent to US$236.7m from a year-earlier period, led by three deals on Tadawul, according to EY.
The new Islamic bank being set up by a group of investors led by Dubai Investments could raise up to $100 million within the first 12 months after its listing on Nasdaq Dubai, according to a senior o
Dubai Investments has announced plans to lead a consortium of investors to launch Arkan Bank, a wholesale Islamic financial institution with an initial paid-up capital of $100 million.
Dubai Investments has announced that its private equity subsidiary Masharie LLC has divested its 50 per cent stake in Dubai International Driving Centre, Drive Dubai, for Dh35 million.
United Development Company, the master developer of The Pearl-Qatar, will be launching a new state-of-the-art island project as part of UDC’s QR5.5bn estimated investment for the next five years.
Qatar’s first Shari’a-compliant exchange traded fund and arguably, the largest single-country Shari’a compliant ETF in the world was listed on Qatar Stock Exchange (QSE) yesterday. The Al Rayan Qatar
QIIB has announced the appointment of Sheikh Abdulaziz bin Abdullah bin Faisal Al Thani, as the Chief- Corporate Banking Sector and Sheikh Mohammed bin Ali Al Thani as Chief-Treasury & Investments. T
Pearl Petroluem, a consortium led by Crescent Petroluem and Dana Gas, on Wednesday said that it has signed a 10-year gas sales agreement with the Kurdistan regional government.
Under the ag
Celebrating 70 years of supporting Oman’s economic growth and development is the focus of a series of roadshows launched this week at HSBC Bank Oman’s branches across the country to mark the bank’s m
Oman Daily Observer