Mubadala increase its stake in Tabreed

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National Central Cooling Company (Tabreed) said yesterday that Abu Dhabi’s Mubadala Development Company, and its wholly-owned subsidiary General Investments now hold a majority 26.1 per cent stake in the company.

In a statement to the Dubai Financial Market (DFM), Tabreed said it has completed an issuance of 415.68 million shares to repay the Dh1.7 billion convertible Islamic bond, or sukuk. Shares of Tabreed fell 0.71 per cent yesterday on the DFM to Dh1.40.

As per reports, Mubadala earlier held a 16.79 per cent stake in Tabreed and this has now increased 26.1 per cent as a result of the conversion of Tabreed’s 2008 sukuk into relevant shares.

Tabreed is among a number of Gulf companies which had to restructure its debt after the end of the region’s economic boom. In March, the firm secured an extra Dh3.1 billion funding from state-owned Mubadala.

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