Dubai – Mubasher: Dubai Investments plans to sell shares in its cooling unit Emicool in the fourth quarter of 2018 and to establish an AED 3 billion ($817 million) real estate investment trust to boost its profits, CEO Khalid Bin Kalban told Bloomberg Television.
Al Mal Capital, the majority-owned by Dubai Investments, is advising the projected initial public offering (IPO), Bin Kalban added, noting that more banks will be hired for the offering.
“Emicool will go through a transition and we’ll make one acquisition in the second quarter, perhaps two depending on circumstances. We’re hoping to go for a private placement in the third quarter and then an IPO,” Bin Kalban commented, according to Bloomberg.
The estimated value of Emicool’s IPO is ranged between AED 1.3 billion and AED 1.5 billion, the CEO revealed, stating that its company would sell 30% of its stake in the cooling company, Bloomberg reported.
“Dubai Investments also plans to list its real estate investment trust either on Nasdaq Dubai or the DFM, possibly this year,” the top official concluded.
