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FINANCIAL NEWS
Emicool to launch IPO in 2011
27 Sep 2010
(MENAFN) General Manager of UAE district cooling firm, Emirates District Cooling (Emicool) said that the company is going to open an initial public offering (IPO) by the end of 2011, Reuters reported.
Emicool said that the company is planning to boost district cooling production to 360,000 tons by the end of 2010 from 300,000 tons currently.
Dubai developer Union Properties said that it was negotiating with two investors to vend its 50 percent share in Emicool.
Emirates District Cooling L.L.C. is a district cooling service provider involved in the supply of chilled water to the building developers and end users. It is a joint venture between M?sharie L.L.C. and Union Properties PJSC.
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