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Asset management

Empower settles $728 million loan in full

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The company will have no debt in its books at the end of the year.

Wednesday 26, December 2018

The UAE-based Emirates Central Cooling Systems Corporation (Empower) has settled its three loan instalments of $157.5 million (AED580 million) prior to their maturity, according to local newswire, WAM.

In a statement, Empower stated that it has fully settled its term loan facilities for a total amount of AED 2.67 billion ($728 million) and the company will have zero debt in its books at the end of the year.

 Ahmad bin Shafar, CEO of Empower, said that the district cooling firm has pre-paid the loan facility instalments two years prior to its final maturity.

TAGS : Empower

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