Thursday, November 9, 2017

Empower settles $40m loan instalments

Emirates Central Cooling Systems Corporation (Empower), a leading district cooling services provider, has settled its semi-annual loan instalment amounting to Dh147 million ($40 million) two months before its maturity on December 31.

The pre-settled loan instalment forms part of Empower’s syndicated loan facility from a consortium of international and local banks and financial institutions, reported Wam, the Emirates official news agency.

Ahmed bin Shafar, CEO of Empower, said, "Empower has always been prudent and strategic when investing in plants and network infrastructure based on the actual demand. The company has recorded steady and sustainable growth as a result of this effort, enabling us to meet our commitments as per agreed timelines. Presently, we have significant capital expenditures needed to expand our capacity in various projects such as Jumeirah Village South, International Media Production Zone, IMPZ, Business Bay, and Dubai Land, amongst others. The new projects will be funded through a mix of debt and internal accruals."

"Out of the total loan portfolio of approximately Dh2.6 billion, Empower has already settled Dh1.7 billion which demonstrates the robustness and sustainability of Empower’s business model and effectiveness of its financial strategy. Banks and financial institutions have appreciated Empower’s business strategy and value their investments in our business," Bin Shafar added.

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