The National Central Cooling Company, also known as Tabreed, gained approval from shareholders to raise up to $1 billion through the issuance of bonds or sukuk to fund acquisitions, as well as for general corporate purposes.
Shareholders authorised the board to issue bonds or sukuk in one or more tranches over the next 12 months, the company said in a filing on Wednesday to the Dubai Financial Market, where its shares trade.
Debt instruments will be “offered to qualified investors, with a total value of up to $1bn in aggregate and a tenor of up to 30 years and at a profit rate not exceeding the prevailing market rate available to companies with the same credit rating as the company”, according to the statement.
Tabreed, in which France's Engie and Abu Dhabi's Mubadala Investment Company hold stakes, reported a 19 per cent increase in its second-quarter net profit, driven by the acquisition of the Downtown Dubai district cooling business.
Net profit attributable to equity holders of the parent for the three months ending June 30 grew to Dh142.1 million, while revenue rose 11 per cent year-on-year to Dh415.65m.
Tabreed bought a majority stake in Emaar Properties’ Downtown Dubai district cooling business for Dh2.48bn in April. The deal, financed through a corporate loan, gave Tabreed an 80 per cent stake, with Emaar retaining the balance under a long-term partnership deal.
The company also bought cooling plants in Masdar City in January and is exploring the development of large-scale cooling plants in Sharjah through a joint venture with environmental management company Bee'ah.
Tabreed has operations in the UAE, Saudi Arabia, Bahrain, Qatar and Oman. It provides district cooling to developments such as the Dubai Metro and Ferrari World in the UAE, Bahrain’s financial centre and the Jabal Omar Development at Makkah in Saudi Arabia.
Moody's Investors Service affirmed Tabreed's Baa3 long-term issuer rating following the deal with Emaar.
The National photo project
Chris Whiteoak, a photographer at The National, spent months taking some of Jacqui Allan's props around the UAE, positioning them perfectly in front of some of the country's most recognisable landmarks. He placed a pirate on Kite Beach, in front of the Burj Al Arab, the Cheshire Cat from Alice in Wonderland at the Burj Khalifa, and brought one of Allan's snails (Freddie, which represents her grandfather) to the Dubai Frame. In Abu Dhabi, a dinosaur went to Al Ain's Jebel Hafeet. And a flamingo was taken all the way to the Hatta Mountains. This special project suitably brings to life the quirky nature of Allan's prop shop (and Allan herself!).
Read more from Aya Iskandarani
Engine: 3.5-litre V6
Transmission: eight-speed automatic
Power: 290hp
Torque: 340Nm
Price: Dh155,800
On sale: now
Dr Graham's three goals
Short term
Establish logistics and systems needed to globally deploy vaccines
Intermediate term
Build biomedical workforces in low- and middle-income nations
Long term
A prototype pathogen approach for pandemic preparedness
Series result
1st ODI Zimbabwe won by 6 wickets
2nd ODI Sri Lanka won by 7 wickets
3rd ODI Sri Lanka won by 8 wickets
4th ODI Zimbabwe won by 4 wickets
5th ODI Zimbabwe won by 3 wickets
Day 1, Dubai Test: At a glance
Moment of the day Sadeera Samarawickrama set pulses racing with his strokeplay on his introduction to Test cricket. It reached a feverish peak when he stepped down the wicket and launched Yasir Shah, who many regard as the world’s leading spinner, back over his head for six. No matter that he was out soon after: it felt as though the future had arrived.
Stat of the day - 5 The last time Sri Lanka played a Test in Dubai – they won here in 2013 – they had four players in their XI who were known as wicketkeepers. This time they have gone one better. Each of Dinesh Chandimal, Kaushal Silva, Samarawickrama, Kusal Mendis, and Niroshan Dickwella – the nominated gloveman here – can keep wicket.
The verdict Sri Lanka want to make history by becoming the first team to beat Pakistan in a full Test series in the UAE. They could not have made a better start, first by winning the toss, then by scoring freely on an easy-paced pitch. The fact Yasir Shah found some turn on Day 1, too, will have interested their own spin bowlers.
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
The specs
Engine: 3.6 V6
Transmission: 8-speed auto
Power: 295bhp
Torque: 353Nm
Price: Dh155,000
On sale: now
THE SPECS
Jaguar F-Pace SVR
Engine: 5-litre supercharged V8
Transmission: 8-speed automatic
Power: 542bhp
Torque: 680Nm
Price: Dh465,071
