DUBAI, UAE, 4 November 2022: Emirates Central Cooling Systems Corporation (Empower) said that following approval from the Securities and Commodities Authority (SCA), Dubai Electricity and Water Authority PJSC (DEWA) and Emirates Power Investment LLC (Emirates Power), an indirectly wholly owned subsidiary of Dubai Holding LLC (Dubai Holding), together the Selling Shareholders, have exercised their right to further increase the number of shares offered in Empower’s initial public offering (IPO) from 1,500,000,000 ordinary shares to 2,000,000,000 ordinary shares.

Making the announcement through a Press release, Empower said this would result in an additional increase in the Offer Size from 15% to 20% of the company’s share capital, with DEWA and Emirates Power continuing to own 56% and 24% of Empower’s existing share capital, respectively, following the Offering.

Empower said it has also received approval from the SCA to increase the size of the tranche reserved for qualified investors – defined as “Second Tranche” in the UAE Local Prospectus – from 14%, representing 1,400,000,000 shares, to 19%, representing 1,900,000,000 shares. The Retail Tranche, referred to as “First Tranche” subscribers in the UAE Prospectus, will remain unchanged at 100,000,000 ordinary shares, the company said.

According to Empower, the new offering size was determined by the Selling Shareholders, and follows the announcement on November 1, 2022, to increase the offer size to 15%. The Selling Shareholders reserve the right to amend the size of the Offering tranches, as well as the size of the Offering, at any time prior to the end of the subscription period at their discretion, subject to obtaining SCA’s approval, Empower said.

According to Empower, the subscription period remains unchanged. The UAE Retail Offering subscription period, the company added, is expected to run from October 31, 2022 to November 7, 2022, with the Qualified Investors Offering subscription period expected to run from October 31, 2022 to November 8, 2022.