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Investment conglomerate Dubai Holding has divested its entire 24% stake in Emirates Central Cooling Systems Corporation (Empower) to the Dubai Electricity and Water Authority (DEWA) for AED 5.184 billion ($1.411 billion).
The transaction has increased DEWA’s shareholding in the district cooling provider from 56% to 80%.
Dubai Holding’s exit from Empower enables DEWA to gain absolute control over the world’s largest district cooling platform, thereby consolidating Empower’s services under the utility giant’s leadership.
The two parties completed the transaction on Tuesday.
Listed on the Dubai Financial Market (DFM), Empower has a market capitalisation of around AED 17.9 billion.
(Writing by Cleofe Maceda; editing by Seban Scaria)
