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.
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
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The five pillars of Islam
UAE currency: the story behind the money in your pockets
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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