Dubai Investments PJSC [DFM: DIC], the leading diversified investment company listed on the Dubai Financial Market, has announced that its subsidiary Al Mal Capital PSC, a prominent financial institution, will be the lead manager for the Initial Public Offering [IPO] of its wholly-owned subsidiary Emirates District Cooling [Emicool] – a leading district cooling service provider in the region. The IPO will be listed on the Dubai Financial Market.
The agreement to lead manage the IPO was signed by Khalid Bin Kalban, Managing Director and CEO of Dubai Investments, and Naser Al Nabulsi, Vice-Chairman and CEO of Al Mal Capital, in the presence of Abdulaziz Bin Yagub Al Serkal, Chairman of Emicool, and Adib Moubadder, CEO of Emicool.
In his comments, Kalban said: “Since its inception, Emicool has registered steady growth and achieved consistent profits. The Initial Public Offering of Emicool will help strengthen the company’s balance sheet, increasing its visibility and providing access to global investors, which in turn will offer great flexibility to pursue new growth, boost its expansion and diversification opportunities in line with its planned roadmap.”
He added: “The IPO for Emicool is part of Dubai Investments’ strategy to scale up its business and operations in the global markets. Dubai Investments is happy to work with Al Mal Capital which has proven expertise to manage the IPO, backed by its local and international market knowledge. Dubai Investments is confident that the IPO will provide the best value to its stakeholders.”
Naser Al Nabulsi said: “Emicool is one of the key players in the Gulf and has carved a niche with new contracts amidst surging demand for district cooling solutions in the region. Al Mal Capital is privileged to work with Dubai Investments on this IPO offer, providing the investors community to be an integral part of this growth journey.”