Empower settles $40m loan early

08 November 2017
Loan was part of district cooling company’s $708m syndicated loan facility

Dubai-based Emirates Central Cooling Systems Corporation (Empower) has settled a semi-annual loan instalment of AED147m (440m) two months ahead of its maturity.

The pre-settled loan instalment was due to mature on 31 December. The loan was part of Empower’s syndicated loan facility from a consortium of international and local banks and financial institutions.

“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,” said Ahmed bin Shafar, Empower’s CEO, in a released statement.

“Out of the total loan portfolio of approximately AED 2.6 billion, Empower has already settled AED 1.7 billion which demonstrates the robustness and sustainability of Empower’s business model and effectiveness of its financial strategy,” added Shafar.

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