DUBAI: Dubai plans to offer 10 percent of Emirates Central Cooling Systems Corporation (Empower) in an initial public offering, according to an advertisement in Dubai-based daily Gulf News on Monday.
Empower is the fourth state-linked entity to seek a listing this year in Dubai in a program aimed at attracting investor interest in the domestic stock exchange.
Dubai Electricity & Water Authority (DEWA) and Emirates Power Investment will offer the 10 percent stake, which is equivalent to 1 billion shares.
Subscriptions begin on Oct. 31 and close on Nov. 7, according to the advertisement.
Dubai’s deputy ruler, Sheikh Maktoum Bin Mohammed, announced plans in November for 10 government-linked entities to go public as part of a program intended to boost stock market activity.