The National Central Cooling Company, better known as Tabreed, is increasing the foreign ownership limit of its shares to 100 per cent, from 49 per cent, effective Friday.
The company has also decided to raise the individual ownership limit of its shares to 100 per cent, from 20 per cent, it said in a statement to the Dubai Financial Market, where its shares are traded.
The new decisions come into effect at the end of the trading session on Friday.
Founded in 1998, Tabreed owns and operates 86 district cooling plants across the GCC, including 75 in the UAE, three in Saudi Arabia, seven in Oman and one in Bahrain, in addition to other international projects and operations.
The company has been rapidly expanding its operations across the region to boost its portfolio. It acquired a majority stake in Emaar Properties' Downtown Dubai district cooling business for Dh2.48 billion ($675 million) in 2020.
It also bought two district cooling units on Saadiyat Island in Abu Dhabi from Aldar Properties in a Dh963 million deal to boost its portfolio in the UAE.
Other deals include a Dh306.4 million agreement with developer Egyptians for Healthcare Services to provide district energy services to CapitalMed, its new healthcare city project.
Other UAE listed companies are also boosting foreign ownership limits in their stocks amid high interest from international investors as the Arab world’s second-largest economy recovers from the coronavirus pandemic.
Separately, Tabreed said on Wednesday that Saudi Arabia's sovereign wealth fund, the Public Investment Fund, has invested in Saudi Tabreed, its local venture in the kingdom.
Tabreed is buying additional shares in Saudi Tabreed from Al Mutlaq Group for Industrial Investments in a deal valued at 54.6 million Saudi riyals ($14.56 million) to consolidate its stake in the company at 21.8 per cent, the company said.
The deal is being financed through the company's own money.
“In tandem with Tabreed’s acquisition of additional shares in Saudi Tabreed from Al Mutlaq … Saudi Arabia’s Public Investment Fund has taken a 30 per cent stake in Saudi Tabreed by a private placement of shares, subject to completion procedures as per the executed agreement,” the company said.