UAE’s Tabreed completes Dh1b convertible bonds buy-back

DUBAI: National Central Cooling Co (Tabreed) has completed the repurchase of convertible bonds worth 1 billion dirhams ($272 million) from a unit of Abu Dhabi fund Mubadala, the company said in a bourse filing on Monday.

The bonds were held by MDC Industry Holding Co, the filing said, without specifying the date when the bonds were repurchased.

Shareholders of Tabreed approved the buy-back of 28 per cent of convertible bonds held by its largest shareholder Mubadala in June, saying at the time that the transaction would be completed by early July and that the repurchased bonds would subsequently be cancelled.