UAE-based international district cooling developer, National Central Cooling Company (Tabreed) has secured internal approval to increase the ownership limit for foreign investors from 49 percent to 100 percent.
The district cooling provider’s shareholders voted to amend Article 7 of Tabreed’s Articles of Association to allow 100 percent foreign ownership, according to a statement to the Dubai Financial Market (DFM).
“This company is renowned the world over for its expertise and unrivaled experience in the district cooling industry. So, it makes perfect sense to adapt and modernize in line with developments in UAE company laws. This will provide greater opportunities to benefit from the foreign investment as Tabreed continues on its path of sustainable growth. Tabreed is a hugely valuable company to Mubadala, which has been the majority shareholder since 2011, and what this revision to the Articles of Association does is maximize flexibility and ensure optimum share marketability, in turn making Tabreed’s future more secure than ever.”
As per the company statement, the majority of its shares are owned by Abu Dhabi’s state-owned fund Mubadala.
Commenting on this development, Tabreed’s Chief Executive Officer, Eng. Khalid Abdulla Al Marzooqi said that, “At Tabreed we pride ourselves on our agility as an organization, always seeking ways to streamline operations, improve efficiency and apply the highest standards in everything we do. As a result, we provide our shareholders with exceptional stability and high returns, and being able to increase foreign ownership of Tabreed’s shares is an important step in unleashing the company’s full potential.”
“We have a robust and healthy balance sheet and continue to post record profits, while growing the company’s portfolio of assets and services, ably demonstrated by Fitch’s revised rating outlook to ‘Stable’ and affirmed at BBB. Tabreed’s unwavering commitment to its investor relations can only benefit by today’s announcement, which further solidifies our reputation as a truly progressive UAE company,” Mr. Al Marzooqi added.