Business | General

Final terms of Tabreed issue disclosed

The issue is subject to an increase option of up to Dh200 million for the benefit of Morgan Stanley, exerciseable prior to 5pm London time on May 12, 2008.

  • Staff Report
  • Published: 00:30 May 2, 2008
  • Gulf News

Dubai: National Central Cooling Company (Tab-reed) on Thursday revealed the final terms for its Dh1.5 billion fixed rate Sharia-compliant mandatory exchangeable trust certificates due in 2011.

The issue is subject to an increase option of up to Dh200 million for the benefit of Morgan Stanley, exerciseable prior to 5pm London time on May 12, 2008.

Following marketing to regional and international investors, the final terms of the issue have been determined.

The certificates will pay a fixed annual distribution rate of 7.25 per cent and will be exchangeable into the ordinary shares of Tabreed. The maximum conversion price of Dh2.74 represents a conversion premium of 9 per cent to the share reference price of Dh2.52 per share.

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