{"id":53283,"date":"2017-04-30T00:23:11","date_gmt":"2017-04-29T17:23:11","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=53283"},"modified":"2017-04-29T22:29:08","modified_gmt":"2017-04-29T15:29:08","slug":"emicools-ipo-likely-to-take-place-this-year-says-union-properties-chairman","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emicools-ipo-likely-to-take-place-this-year-says-union-properties-chairman\/","title":{"rendered":"Emicool's IPO likely to take place this year, says Union Properties chairman"},"content":{"rendered":"


\nThe owners of Emicool plan to sell a 30 per cent stake in the district cooling company through an eventual IPO.Joint owners Union Properties and Dubai Investments each plan to sell 15 per cent of district cooling company Emicool by the end of this year, according to the Union Properties chairman Khalid bin Kalban.Mr bin Kalban, who is also managing director and chief executive of Dubai Investments, said that the stakes were likely to be sold via a pre-IPO deal ahead of an official listing.
\nThis is expected to take place by the end of the year, although it will depend on the state of the markets and the results of a valuation exercise which is currently under way, Mr bin Kalban said.”The plan is to offload that 30 per cent, hopefully, if the market situation allows, by the end of this year. It will be a pre-IPO and then the company will be IPO’d.”He said that it had not yet agreed a deal with a potential buyer, arguing that it was still awaiting the outcome of a report placing a valuation on the Emicool business.
\n“There are many parties who are interested, but no one has been selected yet,” he said. “We are waiting for the evaluation to come through. And then we will decide.”The stake sale has been on the cards for at least 18 months, but turmoil on local financial markets has meant that plans to bring the business to market have twice been postponed.”The market situation is very unpredictable, and there is not much liquidity,” Mr bin Kalban said. “Even though there are some good companies that are operating and listed, you know the value of their shares have not been … most of them are trading below their book value.”
\nUnion Properties declared a pre-tax profit of Dh211.4 million for 2016, which was a 51 per cent decline on the Dh434.6m achieved last year, and revenue was 22 per cent lower at Dh1.13 billion. However, this was partly due to a gain on valuation of its property of Dh122m last year, compared with almost Dh670m in 2015.Emicool reported an improved performance, with revenue up by 15 per cent to Dh353.1m and profit increasing by 27 per cent to Dh73.3m. By year-end, the book value of its net assets stood at almost Dh710m. During the year, Emicool was appointed by Damac to provide district cooling to the Damac Hills master development.
\n“It’s a successful company,” Mr bin Kalban said. “They have been able to win many projects in the last 12-18 months.”Union Properties’ shares were suspended on Thursday on the instructions of the Securities and Commodities Authority amid market rumours about the company and Mr bin Kalban’s own position. However, when asked about this, he said: “There are board changes, but I am there. As far as the election and the AGM, everything was OK. There were no issues.”
\nHe said that there is often speculation surrounding the company’s shares, but that this was not something that concerned him.”We need to drive the company to be a solid company rather than sit and speculate on the shares.”Union Properties’ shares closed on Wednesday (before its AGM) at Dh1.01 – 10.6 per cent lower than at the start of the year.A report published by PwC last month showed that the amount of money raised through IPOs in the Gulf region last year dropped by 44 per cent last year to US$782m – its lowest level since 2013 as a result of low oil prices, fiscal tightening and a lack of liquidity in the financial sector.
\nHowever, Steve Drake, the head of PwC’s capital markets team in the Middle East said: “As the regional geopolitical scene stabilises and oil prices recover, market participants may regain confidence sooner than expected. There are a number of positive signs for 2017 and we hope that the capital market in the GCC will overcome 2016 shock waves.”mfahy@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Emicool’s IPO likely to take place this year, says Union Properties chairman<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The owners of Emicool plan to sell a 30 per cent stake in the district...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-53283","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-dRp","jetpack-related-posts":[{"id":53401,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/boardroom-upheaval-at-union-properties\/","url_meta":{"origin":53283,"position":0},"title":"Boardroom upheaval at Union Properties","date":"May 2, 2017","format":false,"excerpt":"\r Union Properties is to host an emergency shareholder meeting later this month to approve the appointment of a new chairman and vice-chairman after an apparent boardroom tussle.The company held its annual general meeting (AGM) last Wednesday evening at which shareholders approved the continuation of its seven-strong board of directors,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":77554,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-investments-completes-acquisition-of-union-properties-emicool-stake\/","url_meta":{"origin":53283,"position":1},"title":"Dubai Investments completes acquisition of Union Properties' Emicool stake","date":"January 21, 2018","format":false,"excerpt":"\r Emicool provides district cooling services to neighbourhoods such as Dubai Motor City, Uptown Mirdif, and Damac Hills\r \r Source : arabianbusiness.com\r Read more...Dubai Investments completes acquisition of Union Properties' Emicool stake","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12526,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-q1-profit-up-50-despite-lower-income\/","url_meta":{"origin":53283,"position":2},"title":"Union Properties Q1 profit up 50% despite lower income","date":"May 10, 2016","format":false,"excerpt":"\r Union Properties reported a 50 per cent year-on-year increase in first quarter profit, despite lower income, the Dubai-listed firm said. Net profit attributable to equity holders in the three months ending March 31 reached Dh42.1 million, up from Dh28.1m in a year-earlier period, the company said in a statement\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38396,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/turnaround-king-khalid-bin-kalban\/","url_meta":{"origin":53283,"position":3},"title":"Turnaround king: Khalid bin Kalban","date":"December 17, 2016","format":false,"excerpt":"\r When Khalid bin Kalban was parachuted into the boardroom of Union Properties, he knew the company was facing some serious business issues. Then the 2008 financial crash happened. Eight years later, the chairman is comfortably planning for the future\r \r Source : arabianbusiness.com\r Read more...Turnaround king: Khalid bin Kalban","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38233,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/infrastructure-work-paves-way-for-dh3bn-mirdif-hills-project\/","url_meta":{"origin":53283,"position":4},"title":"Infrastructure work paves way for Dh3bn Mirdif Hills project","date":"December 16, 2016","format":false,"excerpt":"\r Dubai Investments' decision to push ahead with its delayed Dh3 billion Mirdif Hills project was taken following a series of infrastructure investments made by Dubai Municipality, according to the chief executive Khalid Bin Kalban.The project containing a total of 1,400 apartments in three clusters, a 230-bed hospital, a hotel\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11768,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/union-properties-hires-china-state-to-build-dh450m-motor-city-scheme\/","url_meta":{"origin":53283,"position":5},"title":"Union Properties hires China State to build Dh450m Motor City scheme","date":"May 2, 2016","format":false,"excerpt":"\r Union Properties has appointed China State Construction Engineering's (CSCEC) Middle East arm to build its Dh450 million Oia Residences project in Dubai's Motor City. Union Properties' chairman, Khalid bin Kalban, said yesterday at a ceremony to mark the start of construction that although the project is being launched in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/53283"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=53283"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/53283\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=53283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=53283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=53283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}