Dubai Electricity and Water Authority (DEWA), the emirate of Dubai’s exclusive electricity and water services provider which is listed on the Dubai Financial Market (DFM), has increased its shareholding in Emirates Central Cooling Systems Corporation (Empower) to 80% following the transfer of the entire shares of Emirates Power Investment (EPI) in Empower.
The transfer was effected through the Dubai Central Securities Depository.
DEWA purchased 2.4 billion shares in Empower from EPI, further consolidating its strategic stake in Empower and reinforcing DEWA’s long-term commitment to the district cooling sector.
Transaction Highlights
• DEWA’s current shareholding in Empower: 5,600,000,000 shares (56%)
• Shares purchased from EPI: 2,400,000,000 shares (24%)
• Purchase price per share: AED2.16
• Total value: AED5.184 billion.
Saeed Mohammed Ahmad Al Tayer, Managing Director and Chief Executive Officer of DEWA, said: “We are pleased to announce the increase of DEWA’s ownership in Empower to a total of 80%, which further strengthens DEWA’s strategic position in the district cooling sector. District cooling is a critical enabler of sustainable urban infrastructure and energy efficiency across the Emirate." - TradeArabia News Service
