Dubai: The UAE district cooling giant Tabreed is the latest to confirm it will allow 100 per cent foreign investor stake in the company, thus joining Aramex, Abu Dhabi National Hotels and the investment company Amanat. Emaar should join their ranks shortly after a September 21 shareholders meeting.
On September 12, Tabreed - which is priced at Dh3.03 and within touching distance of 52-week high Dh3.08 - held a shareholders meet that went on to amend Article (7) of the Articles of Association. The earlier foreign owner limit was capped at 49 per cent. (Current actual foreign buyer stake in the company is just over 4 per cent.)
“At Tabreed we pride ourselves on our agility as an organisation, always seeking ways to streamline operations, improve efficiency and apply the highest standards in everything we do," said Khalid Abdulla Al Marzooqi, CEO. "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."
The Abu Dhabi wealth fund Mubadala is the major shareholder in Tabreed. “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 maximise flexibility and ensure optimum share marketability, in turn making Tabreed’s future more secure than ever,” said Khaled Abdulla Al Qubaisi, Chairman of Tabreed.
Tabreed has in these three years gone big on consolidating its district cooling capacity, including entering deals with Emaar and Aldar to take over some of the prized district cooling assets in the UAE. More recently, it has been expanding its sights to outside of UAE possibilities.
This company is renowned the world over for its expertise and unrivalled experience in the district cooling industry, so, it makes perfect sense to adapt and modernise in line with developments in UAE company laws
