DUBAI, July 4 (Reuters) - Dubai Investments
said on Tuesday it is in initial talks to buy Union Properties's stake in Emirates District Cooling
), in a move to take full control of the district cooling service provider. Emicool
, an equally owned venture between Dubai Investments
' unit M'Sharie and Dubai property developer Union Properties, had been slated for a flotation this year.
The company may go through a private sale and then an initial public offering later this year, Dubai Investments
' chief executive Khalid Bin Kalban said in a telephone interview.
"They have the intention to sell, and we have the intention to buy," Kalban said, adding that talks were in initial stages. He did not provide a value for the stake.
(Reporting by Hadeel Al Sayegh) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))