Latest / DEWA Podcasts / DEWA to Increase its Ownership in Empower from 56% to 80.00% by way of transferring Dubai Holding’s Full Stake for an amount of AED 5.184 billion

Transcript

DEWA to Increase its Ownership in Empower from 56% to 80.00% by way of transferring Dubai Holding’s Full Stake for an amount of AED 5.184 billion · DEWA Podcasts

• 0:00
  Today we're discussing a significant transaction
• 0:02
  in Dubai's utility sector. Dubai Electricity
• 0:06
  and Water Authority has completed the acquisition
• 0:08
  of additional shares in Emirates Central Cooling
• 0:12
  Systems Corporation, PJSC, known as Empower.
• 0:16
  That's correct. Dubai Electricity and Water Authority
• 0:20
  purchased 2 .4 billion shares from Emirates Power
• 0:24
  Investment LLC, a company ultimately owned by
• 0:28
  Dubai Holding LLC. The transaction increases
• 0:32
  Dubai Electricity and Water Authority's ownership
• 0:35
  in Ampower from 56 % to 80%. What are the financial
• 0:40
  details of this transaction? The purchase price
• 0:44
  was AED 2 .16 per share, bringing the total transaction
• 0:50
  value to AED 5 .184 billion. This represents
• 0:56
  the transfer of a 24 % stake in Empower. His
• 1:00
  Excellency Saeed Mohamed Altair, Managing Director
• 1:04
  and CEO of Dubai Electricity and Water Authority,
• 1:08
  provided commentary on this development. Yes.
• 1:11
  His Excellency Saeed Mohammed Al -Tayr, Managing
• 1:15
  Director and CEO of Dubai Electricity and Water
• 1:19
  Authority, said, We are pleased to announce the
• 1:22
  increase of Diwa's ownership in Ampower to a
• 1:26
  total of 80%, which further strengthens Diwa's
• 1:30
  strategic position in the district cooling sector.
• 1:34
  District cooling is a critical enabler of sustainable
• 1:37
  urban infrastructure and energy efficiency across
• 1:40
  the Emirate. What did His Excellency say about
• 1:44
  Empower's future? His Excellency Saeed Mohammed
• 1:48
  Al -Tayr, Managing Director and CEO of Dubai
• 1:52
  Electricity and Water Authority, added, Empower
• 1:56
  has established itself as a global leader in
• 1:59
  district cooling, and this transaction reinforces
• 2:03
  our confidence in the company's future potential
• 2:05
  while enhancing Diwa's ability to drive operational
• 2:09
  synergies, unlock long -term value, and support
• 2:13
  Dubai's clean energy transition. We remain focused
• 2:18
  on pursuing strategic investments that align
• 2:21
  with Dubai's economic priorities, accelerate
• 2:24
  sustainable development, and deliver strong,
• 2:27
  resilient returns for our shareholders and stakeholders
• 2:31
  over the long term. Empower will continue to
• 2:35
  operate as an independent public joint -stock
• 2:38
  company listed on the Dubai financial market
• 2:42
  while maintaining its focus on providing efficient
• 2:45
  and sustainable district cooling services across
• 2:48
  Dubai. An important strategic milestone for Dubai's
• 2:53
  infrastructure development. Thank you for this
• 2:55
  overview.