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MarketScreener Homepage  >  Equities  >  DUBAI FINANCIAL MARKET  >  Emaar Properties PJSC    EMAAR   AEE000301011

EMAAR PROPERTIES PJSC

(EMAAR)
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UAE's Tabreed close to buying Emaar Properties' district cooling unit -sources

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02/04/2020 | 06:30am EST
A logo of Dubai's Emaar Properties is seen on a building in Dubai

Dubai-listed National Central Cooling Co (Tabreed) is in advanced talks to buy Emaar Properties' district cooling business, two sources familiar with the matter said.

District cooling firms deliver chilled water via insulated pipes to cool offices, industrial and residential buildings. The Emaar business was established in 2004 and operates in United Arab Emirates, according to the company's Linkedin page, which gave no details about its size.

Tabreed, whose biggest shareholders are Abu Dhabi state fund Mubadala Investment Company and France's Engie SA (ENGIE.PA), has appointed HSBC to advise on the purchase, which is at an advanced stage, said the sources, declining to be named as the matter is not public.

Emaar hired advisors including Standard Chartered for the sale of the business, Reuters reported in May, as part of a broader plan to offload non-core activities.

Emaar said it did not comment on speculation, adding by email: "As and when we have confirmation on announcements we will share further information."

Tabreed said it "does not comment on market rumors or speculation related to its commercial operations," adding that "all disclosures relating to material transactions are made to the market once such transactions are concluded."

HSBC and Standard Chartered declined to comment.

Emaar's core businesses focus is on property, retail and hospitality. It developed the world's tallest skyscraper, the Burj Khalifa, and is 32% owned by the Dubai government.

(editing by John Stonestreet, Kirsten Donovan)

By Hadeel Al Sayegh

Stocks mentioned in the article
ChangeLast1st jan.
ELECTRICITÉ DE FRANCE 1.08% 13.55 Real-time Quote.36.48%
EMAAR PROPERTIES PJSC -0.26% 3.88 End-of-day quote.-3.23%
ENGIE 0.70% 16.595 Real-time Quote.15.24%
HSBC HOLDINGS PLC 0.45% 562.2 Delayed Quote.-5.02%
NATIONAL CENTRAL COOLING COMPANY PJSC 0.49% 2.05 End-of-day quote.6.25%
STANDARD CHARTERED 0.93% 627 Delayed Quote.-11.99%
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Financials (AED)
Sales 2020 24 901 M
EBIT 2020 7 952 M
Net income 2020 6 286 M
Debt 2020 15 257 M
Yield 2020 4,10%
P/E ratio 2020 4,41x
P/E ratio 2021 4,24x
EV / Sales2020 1,73x
EV / Sales2021 1,42x
Capitalization 27 851 M
Chart EMAAR PROPERTIES PJSC
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Emaar Properties PJSC Technical Analysis Chart | MarketScreener
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Average target price 6,07  AED
Last Close Price 3,88  AED
Spread / Highest target 92,0%
Spread / Average Target 56,5%
Spread / Lowest Target 28,9%
EPS Revisions
Managers
NameTitle
Amit Jain Group Chief Executive Officer
Mohammed bin Ali Rashed Al-Abbar Chairman
Avinash Pangarkar Group Chief Financial Officer
Ahmed bin Jamal bin Hassan Jawa Independent Non-Executive Director
Ahmad Thani Rashed Al Matrooshi Director & Managing Director