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| 04 July, 2017

Dubai Investments in talks to acquire Union Properties' stake in Emicool

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

Image of UAE dirhams used for illustrative purpose.

Image of UAE dirhams used for illustrative purpose.

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DUBAI, July 4 (Reuters) - Dubai Investments said on Tuesday it is in initial talks to buy Union Properties's stake in Emirates District Cooling LLC (Emicool), 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;))