Dubai – Mubasher: The UAE’s Utico Middle East announced hiring Emirates NBD Capital as it plans to float a stake of its shares on the stock market.
Utico, the only privately-owned utility in the UAE, noted that it appointed the investment bank for a potential share sale and public listing, according to the company’s recent statement.
“We are looking at a public listing in the near future,” Richard Menezes, chief executive of Utico, said.
The company did not give further details concerning the listing.
Meanwhile, Dubai private utility Utico has been awarded a $100 million contract to implement a trans-emirate water pipeline.
Demand for water and power is expected to grow between 5% and 6% annually in the GCC nation within the coming few years due to the growth in population and industry sector.
