Dubai Investments sells its 50% stake in Emicool to Actis Investment Co.

RIYADH: Dubai Investments Co. has concluded a sale of its 50 percent stake in Emirates District Cooling Co., known as Emicool, to Actis Investment Co.

The company is expected to receive around 465 million dirhams ($126 million) from the sold share and gains from an evaluation of the retained share, Argaam reported, citing the firm’s statement. 

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.