Emirates Central Cooling Systems Corporation PJSC (“Empower” or the “Company”), today announces that, following approval from the SCA, Dubai Electricity and Water Authority PJSC (“DEWA”) and Emirates Power Investment LLC (“Emirates Power”), an indirectly wholly owned subsidiary of Dubai Holding LLC (“Dubai Holding”), (together the “Selling Shareholders”) have exercised their right to increase the number of shares offered in Empower’s initial public offering (“IPO” or the “Offering”) from 1,000,000,000 ordinary shares to 1,500,000,000 ordinary shares, which would result in an increase in the Offer Size from 10.0% to 15.0% of Empower’s share capital, with DEWA and Emirates Power continuing to own 59.5% and 25.5% of Empower’s existing share capital respectively following the Offering.
Empower has also received approval from the SCA to increase the size of the tranche reserved for qualified investors (defined as “Second Tranche” in the UAE Local Prospectus) from 9.0% (representing 900,000,000 shares) to 14.0% (representing 1,400,000,000 shares). The First Tranche will remain unchanged at 100,000,000 shares.
The new offering size was determined by the Selling Shareholders, following Empower’s decision to set the offer price range at between AED 1.31 and AED 1.33 per ordinary share on 31 October 2022, providing investors with a highly attractive value proposition. The Selling Shareholders reserve the right to amend the size of the Offering tranches, as well as the size of the Offering at any time prior to the end of the subscription period at their discretion, subject to obtaining SCA’s approval.
LEAD RECEIVING BANK
Emirates NBD Bank PJSC
Dedicated IPO Call Center number 800 IPOS (800 4767)
RECEIVING BANKS
Abu Dhabi Islamic Bank PJSC
Ajman Bank
Commercial Bank of Dubai
Dubai Islamic Bank
Emirates Islamic Bank
First Abu Dhabi Bank
The subscription period for the Empower IPO remains unchanged. The UAE Retail Offering subscription period is expected to run from 31 October 2022 to 7 November 2022, with the Qualified Investors Offering subscription period expected to run from 31 October 2022 to 8 November 2022.
Subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of Admission to listing and trading on the DFM, Empower is expected to commence trading on the Dubai Financial Market (“DFM”) on 15 November 2022, under the symbol “EMPOWER” and ISIN AEE01134E227. The Company’s starting market capitalisation at listing is expected to be between AED 13,100m (c.US$ 3,567m) and AED 13,300m (c.US$ 3,622m).
Investors who participated in the UAE Retail Offering will be notified of their allocation of shares via SMS no later than 14 November 2022.
ABOUT EMPOWER
Emirates Central Cooling Systems Corporation PJSC, (“Empower”) was established on 23 November 2003, as a corporate entity pursuant to Ruler of Dubai Law No. (10) of 2003 and commenced commercial operations on 15 February 2004. Empower is a district cooling services (“DCS”) provider with the largest market share in Dubai based on its connected capacity. Its principal activities focus on the provision of district cooling services and the management, operation and maintenance of central cooling plants and related distribution networks, as well as the production and selling of pre-insulated pipes and fittings. Empower’s vision is to be the world’s leading DCS provider by promoting sustainable and optimised use of energy resources to deliver reliable, cost-effective, and environmentally friendly world-class DCS to achieve customer satisfaction, thereby creating long-term shareholder value.
EMPOWER
Samer Khoudeir, Chief Sales and Marketing Officer
media.enquiry@empower.ae
FTI Consulting (as Financial Communications Advisor)
Ajith Henry, Senior Director - Head of Financial Services and Capital Markets
Ajith.henry@fticonsulting.com
INVESTOR RELATIONS ENQUIRIES
EMPOWER
Investor.Relations@empower.ae
INDEPENDENT FINANCIAL ADVISOR
Moelis & Company UK LLP DIFC Branch
JOINT GLOBAL COORDINATORS and JOINT BOOKRUNNERS
Citigroup Global Markets Limited
Emirates NBD Capital PSC
Merrill Lynch International
JOINT BOOKRUNNER
EFG Hermes UAE Limited (acting jointly with EFG Hermes UAE LLC)
