Jun 22 2011 |
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UAE's Empower To Pay Final Installment Of AED200M Loan To HSBC
Wednesday, Jun 22, 2011
DUBAI (Zawya Dow Jones)-- Emirates Central Cooling Systems Corporation , or Empower , said Wednesday it will settle the fifth and final installment of an HSBC 200 million dirhams ($54.5 million) loan on July 1.
Empower received the the seven-year loan in 2004 with repayments in five annual installments commencing from 2007 onwards, the company said in an e-mailed statement.
Ahmad Bin Shafar, CEO of Empower , said that the company used the loan to expand its operations in the U.A.E. and build infrastructure and network to cater to the rapidly increasing demand for district cooling, especially in Dubai.
Copyright (c) 2011 Dow Jones & Co.
22-06-11 0949GMT
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