By: Amr Adel
Dubai-Mubasher: The stock listing of Emirates Central Cooling Systems Corporation (Empower) on Dubai Financial Market (DFM) is still under study, according to the company’s CEO Ahmad Bin Shafar.
On the sidelines of the company’s press conference on Tuesday, Bin Shafar added that the listing plan was ready last year, but was put on hold on back of adverse market conditions.
He noted that the company is waiting for better conditions to take this step.
Empower targets to increase its revenues to AED 1.8 billion and profits to AED 600 million this year.
Bin Shafar went on to say that the company’s total revenues grew 12% to AED 1.66 billion in 2015, while profits rose 27% to AED 516 million.
Empower plans to invest AED 1.2 billion in 2016, he said, adding that the district cooling services provider has four new stations under construction in Dubai.
The CEO pointed out that the company is currently in negotiations regarding a number of acquisitions in Dubai and one deal in Abu Dhabi
Commenting on Empower’s expansion plans abroad, he noted that the company is currently focusing on its business in Dubai unless new opportunities come up in other markets.
The company intends to expand mainly in Saudi Arabia and Qatar once it finds strategic partners.
Translated by: Julian Nabil
