Tabreed to form asset holding company to raise profit

Dubai: The National Central Cooling Company Tabreed, plans to form an asset holding company in a bid to boost profitability.

Tabreed will transfer its assets into the new holding company then act as the manager of the assets, the company said in a filing to the Dubai Financial Market today.

The change will help "reduce long-term debt, avoid raising additional shareholder equity and increase the return on equity,'' the filing said, without being more specific.