Tabreed seeks shareholder approval to raise $1 billion
District cooling firm National Central Cooling Company (Tabreed) is seeking shareholders' approval to raise $1 billion through bonds, sukuk or any other instruments.
The Abu Dhabi-based firm said in a statement posted on the Dubai bourse that a general assembly meeting will be convened on September 19 to issue any non-convertible senior bonds or sukuk or any similar instruments of up to $1 billion.
It said the special resolution set to be presented before the general assembly will grant authority to Tabreed's board of directors to raise the funding over the 12-month period. Any deal will be subject to approval from the Securities and Commodities Authority.
The Dubai-listed company's shares remained unchanged on Sunday at Dh1.74 as its counter recorded single trade of 3,510 shares valued at Dh6,107. It reported a 10 per cent increase in net profit for the first half of 2018 to Dh212 million on the back of higher revenues.
With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including infrastructure projects such as Abu Dhabi's Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Makkah.
Jasim Husain Thabet, CEO, Tabreed, had said that the firm continued to strengthen its regional presence and deliver operational excellence by building strategic partnerships with leading government and private entities, resulting in the addition of more landmark projects to its portfolio.
Of late, Tabreed has also announced a few acquisition as it took the route to grow inorganically. In May 2018, it announced the acquisition of a significant stake in its associate, Saudi Tabreed, by the IDB Infrastructure Fund II, managed by Asma Capital Partners.
In March, it bought 50 per cent shares in S&T Cool District Cooling Co, a major district cooling provider on Reem Island in Abu Dhabi, from Aldar Properties. Tabreed will own 100 per cent of the company following completion of the transaction.
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