UP sells Emicool stake to DI for Dh500M
dubai — Union Properties has announced the sale of its entire stake in Emicool, a district cooling services provider, to Dubai Investments, which already owned 50 per cent of Emicool, for Dh500 million. Union Properties will invest the proceeds from the transaction in enhancing its investment portfolio, expanding its operations and development projects and supporting its growth strategy.
Union Properties had received several offers to sell its shares in Emicool from various local and international companies, and subsequently notified Dubai Investments of its intention to sell its stake.
As per Emicool’s Articles of Association, the partner had priority to buy any shares offered for sale. Accordingly, Dubai Investments announced its intention to acquire Union Properties’ stake, which amounts to 50 per cent of Emicool. The final legal proceedings of the transaction were concluded on January 18, giving Dubai Investments full ownership of Emicool.
Nasser Butti Omair bin Yousif, chairman of Union Properties, said: “The year 2018 marks the beginning of a new phase in the development and growth of Union Properties. After finalising the development of the company’s long-term strategy in the second half of last year and following the successful launch of several new projects and subsidiaries, the sale of our entire stake in Emicool is part of our new strategic investment approach. We will invest the proceeds of this sale in enhancing our investment portfolio, expanding our operations and development projects, and supporting the group’s growth strategy.”
Established in 2003, Emirates District Cooling (Emicool) is a limited liability company. Emicool’s core operations include providing district cooling services for residential, commercial and industrial areas, as well as distributing, transporting and selling cold water used in cooling equipment for individual and corporate clients.
We will invest the proceeds in enhancing our investment portfolio Nasser Butti Omair bin Yousif, Chairman of Union Properties