UAE's Utico plans stock market listing, hires ENBD Capital | Reuters:
United Arab Emirates’ utility Utico Middle East has hired Emirates NBD Capital for a potential share sale and public listing, the company said on Tuesday.
Utico, the only privately-owned utility in the UAE, also said a trans-emirate water pipeline built at a cost of $100 million was now operational. Demand for water and power in the UAE is expected to grow by 5 to 6 percent annually in the next few years as the population grows and industrialisation spreads, according to estimates by state-owned utilities. “We are looking at a public listing in the near future,” said Richard Menezes, chief executive of Utico.
No further details about the listing or valuation were provided.
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