Dubai Electricity and Water Authority PJSC (DEWA) has increased its stake in Emirates Central Cooling Systems Corporation PJSC (Empower) to 80 per cent following the transfer of shares previously held by Emirates Power Investment LLC (EPI).
Emirates Central Cooling Systems Corporation PJSC, known as Empower, announced that Dubai Electricity and Water Authority PJSC has acquired the full shareholding of Emirates Power Investment LLC in the company through Dubai Central Securities Depository LLC.
The transaction increases DEWA’s ownership in Empower from 56.00 per cent of the company’s issued share capital to 80.00 per cent. Emirates Power Investment LLC no longer holds any shares in Empower.
DEWA acquires EPI’s full shareholding in Empower
DEWA said its ownership increase reflects a rise in its controlling stake in the district cooling provider. Under the revised structure:
- DEWA’s shareholding has increased to 80.00 per cent.
- EPI’s shareholding has reduced to 0.00 per cent.
Empower stated that it will continue to operate as an independent public company listed on the Dubai Financial Market (DFM).
The company said it will maintain its focus on delivering district cooling services across Dubai.
