Dubai Investments said on Tuesday it is in initial talks to buy Union Properties’s stake in Emirates District Cooling LLC (Emicool), in a move to take full control of the district cooling service provider.

Emicool, an equally owned venture between Dubai Investments and Dubai property developer Union Properties, had been slated for a flotation this year.

The company may go through a private sale and then an initial public offering later this year, Dubai Investments’ chief executive Khalid Bin Kalban said in a telephone interview.

“They have the intention to sell, and we have the intention to buy,” Kalban said, adding that talks were in initial stages.

He did not provide a value for the stake.