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RIYADH: Dubai Investments Co. earned 950 million dirhams ($258 million) from the Emicool deal it concluded earlier, the company’s CEO told Al-Arabiya.
Khalid bin Kalban said the company will use the funds in debt reduction, paying exceptional profits to shareholders and making further investments.
The company sold a 50 percent stake in Emirates District Cooling Co., known as Emicool, to Actis Investment Co. in a deal valued at 1.2 billion dirhams.
Emicool has a corporate valuation of 3.7 billion dirhams and equity valuation of 2.4 billion.
Established in 2003 as a wholly-owned subsidiary of Dubai Investments, Emicool provides district cooling services in the UAE with 30 percent market share.