DUBAI, UAE, 1 November 2022: Emirates Central Cooling Systems Corporation PJSC (Empower) announced that following approval from the SCA, Dubai Electricity and Water Authority PJSC (DEWA) and Emirates Power Investment LLC (Emirates Power), an indirectly wholly owned subsidiary of Dubai Holding LLC – together the “Selling Shareholders” – have exercised their right to increase the number of shares offered in Empower’s initial public offering from 1,000,000,000 ordinary shares to 1,500,000,000 ordinary shares, which would result in an increase in the offer size from 10% to 15% of Empower’s share capital, with DEWA and Emirates Power continuing to own 59.5% and 25.5% 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 nine per cent, representing 900,000,000 shares, to 14%, representing 1,400,000,000 shares. The First Tranche will remain unchanged at 100,000,000 shares, Empower said.

According to Empower, the new offering size was determined by the Selling Shareholders, following Empower’s decision to set the offer price range at between AED 1.31 and AED 1.33 per ordinary share on 31 October 2022, providing investors with a highly attractive value proposition. 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 pointed out.

Empower said the subscription period for the IPO remains unchanged. The UAE Retail Offering subscription period 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, Empower said.

Subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of Admission to listing and trading on the Dubai Financial Market (DFM), Empower said it expects to commence trading on the DFM on November 15, 2022, under the symbol “EMPOWER” and ISIN AEE01134E227. The Company’s starting market capitalisation at listing, Empower said, is expected to be between AED 13,100 million (USD 3,567 million) and AED 13,300 million (USD 3,622 million).

Empower said investors, who participated in the UAE Retail Offering, will be notified of their allocation of shares via SMS no later than November 14, 2022.