UPP Emicool sale to DIC

[sharewadi]

Union Properties (UPP) is looking to sell its Emicool stake to Dubai Investments (DIC) to get AED 500-700m to help fund its cash needs which amount to about AED 2.5 billion for 2009 according to the CFO in this report. UPP also has a 2.5 billion dirham bond on the cards, and has suspended work on the F1 theme park. See also ...

Union Properties F1 park - work suspended
Union Properties bond
Union Properties 2008 results - AED 38m loss for Q4
UPP Nomura report
UPP Index House DIFC - question mark about the sale?

Emirates Business 03 March 2009:

Union Properties to sell stake in Emicool to raise up to Dh700m Union Properties (UPP) is seeking to offload its 50 per cent stake in district-cooling company Emicool to raise between Dh500 million and Dh700m, a senior executive said yesterday. "We are looking to raise cash by selling stake in our non-core units, which will help us meet our cash requirement. We expect to close one large and one small deal this year," CFO Zaid Ghoul told investors on a conference call. The other partner in Emicool, Dubai Investments (DIC), would be willing to buy out Union Properties' stake if the "price is right", Chief Executive Khalid Kalban told Emirates Business. ...

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