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NATIONAL CENTRAL COOLING COMPANY PJSC

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Dubai developer Nakheel considers sale of district cooling assets - sources

03/15/2021 | 01:21am EDT

DUBAI, March 15 (Reuters) - Dubai state developer Nakheel is considering the sale of its district cooling assets, three sources familiar with the matter told Reuters, as real estate companies in the United Arab Emirates offload non-core activities amid the coronavirus downturn.

Nakheel, the developer of the emirate's palm-shaped islands, has hired financial advisory Synergy Consulting to manage the process, said two of the sources who declined to be named as the matter was not public.

Nakheel declined to comment and Synergy did not respond to a request for comment.

District cooling firms deliver chilled water through insulated pipes to offices, as well as industrial and residential buildings.

Nakheel's planned sale comes after Dubai's real estate sector, sluggish for most of the past decade, took a further hit from the COVID-19 pandemic, which led many foreign workers to leave and exacerbated oversupply problems.

Emaar Properties, Dubai's largest developer, sold a stake of its downtown cooling business last year for $675 million, while Abu Dhabi's Aldar Properties agreed to sell two district cooling assets in December.

Separately, Dubai is considering selling a stake in the cooling system operations of Dubai International Airport and has hired Standard Chartered to arrange the process, sources familiar with the matter told Reuters in November.

Dubai-listed National Central Cooling Co (Tabreed) and Emirates Central Cooling Systems Corp (Empower) have expressed interest in Nakheel's deal, the sources said.

The two companies did not immediately respond to requests for comment.

One of the sources said the deal, which could be valued at around one billion dirhams ($272.27 million), is structured as a 30-year concession agreement.

Nakheel's district cooling assets include 20 units around Dubai with a total capacity of 100,000 to 120,000 tonnes of refrigeration.

The developer, which was forced into a massive debt restructuring following the 2009-2010 real estate crash in Dubai, last year slashed salaries by as much as 50% as it tried to weather the coronavirus crisis. ($1 = 3.6728 UAE dirham) (Reporting by Davide Barbuscia and Hadeel Al Sayegh; Editing by Ramakrishnan M.)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALDAR PROPERTIES PJSC -1.90% 4.14 End-of-day quote.31.43%
EMAAR PROPERTIES PJSC -1.19% 4.15 End-of-day quote.17.56%
NATIONAL CENTRAL COOLING COMPANY PJSC -3.27% 2.66 End-of-day quote.2.61%
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Financials
Sales 2021 1 959 M 533 M 533 M
Net income 2021 605 M 165 M 165 M
Net Debt 2021 5 094 M 1 387 M 1 387 M
P/E ratio 2021 12,1x
Yield 2021 3,29%
Capitalization 7 378 M 2 009 M 2 009 M
EV / Sales 2021 6,37x
EV / Sales 2022 5,76x
Nbr of Employees -
Free-Float 21,8%
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Last Close Price 2,66 AED
Average target price 3,47 AED
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Khalid Al-Marzooqi Chief Executive Officer
Adel Salem Al-Wahedi Chief Financial Officer
Khaled Abdulla Juma Al-Qubaisi Chairman
Saeed Al Maeeni Vice President-Information Technology
Jean-Francois Chartrain Chief Operating Officer
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