Empower will launch soon, not this quarter

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His Excellency Saeed Mohammed Al Tayer, Managing Director and CEO of Dubai Electricity and Water Authority “DEWA”, said that the launch of “Empower” will be announced soon, but not in the current quarter, adding, speaking to Al Arabiya TV, that the release of “DEWA” is secondary. Any additional funds raised by the offering company will not be used to reduce debt, rather the proceeds will go to the selling shareholder (Government of Dubai). He highlighted that the company is capable of distributing 6.2 billion dirhams a year, regardless of the size of the profits.

He affirmed DEWA’s commitment to cash distribution policy, regardless of the size of earnings, noting that all shareholders will receive dividend yields equally in accordance with the Securities and Commodities Authority law. He explained that the segment of individual investors was allocated in accordance with the laws of the Securities and Commodities Authority in a proportional manner, while the segment of institutional investors was allocated at the discretion of the designated committee in accordance with the strategy established to guarantee investments. in the short and long term.

Al Tayer pointed out that DEWA witnessed a strong demand in the subscription order book, which exceeded supply by 37 times, noting that there are international investors (funds in general), such as sovereign wealth funds and pension funds, in addition to many global investments. Portfolios He indicated that most of the main investors were named in the prospectus, with a blackout period of up to 180 days.

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