Abu Dhabi’s Multiply eyes $1B divestment from PAL Cooling
Multiply is working with Standard Chartered on the sale, which is at an early stage and has drawn interest from both regional and international investors
Abbu Dhabi's skyline across the Gulf waters (Getty Images)
Abu Dhabi’s Multiply Group may be getting ready to divest from its PAL Cooling unit, which keeps the UAE capital’s skyscrapers at tolerable temperatures under the Gulf’s sizzling sun.
The firm, a unit of Sheikh Tahnoon bin Zayed’s International Holding Co., could raise as much as $1 billion if it’s put up for sale, Bloomberg reports.
PAL’S cooling technology involves pumping chilled water into buildings from centralized plants.
Multiply is working with Standard Chartered on the sale, which is at an early stage and has drawn interest from both regional and international investors, the news agency said.
Multiply went public more than three years ago and has investments in companies ranging from Getty Images to Rihanna’s lingerie company.