Dubai – Mubasher: A third party has submitted an offer to Union Properties (UP) to acquire its stake in Emirates District Cooling (Emicool), Khalid bin Kalban, managing director and CEO of Dubai Investments, said on Thursday.
The final decision regarding Emicool's acquisition or pulling out in favour of the third party will be taken at a board meeting on Monday, Albayan newspaper reported, citing bin Kalban as saying.
If Dubai Investments fully acquires Emicool by purchasing UP’s stake, we will initiate the required procedures to offer the company’s shares in the stock markets, the top official concluded.
Dubai Investments and UP each owns a 50% stake in Emicool.
