Saturday 2 April 2011

Tabreed completes recapitalisation plan | National Central Cooling Co.

National Central Cooling Company PJSC, popularly known as Tabreed, on Friday said that it has successfully completed its recapitalisation programme by refinancing Dh2.63 billion of bank debt and securing up to Dh3.1 billion of committed long-term capital from Mubadala.

In a latest series of positive developments in terms of debt restructuring of local firms, the DFM-listed district cooling company said it will now focus on future growth and expansion plan.

“Tabreed has successfully completed its recapitalisation programme. We now have the foundations in place for future growth and look forward to benefiting from the strong demand for district cooling in the region to deliver shareholder value,” Khadem Al Qubaisi, Tabreed’s Board Chairman, said in an e-mail statement to Khaleej Times.

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