Published: June 1, 2010
Shareholders approve new bond issue.
The board of an Abu Dhabi-based utility company is to press ahead with its plans to recapitalise the business after its proposals won shareholder support.
National Central Cooling, also known as Tabreed, is reported to be in talks with banks to restructure some US$1bn of its loans. The proposals approved during a recent extraordinary general assembly involve a bond issue, through which the board expects to raise US$1.1bn.
Tabreed chairman Khadem Al Qubaisi says shareholder backing for the board’s resolutions is a “strong” vote of confidence for the recapitalisation that he hopes will transform the company to provide long-term success.
“With today’s positive vote, the board strongly believes that the elements of success are aligning, permitting Tabreed to deliver long-term competitive returns for investors, play a key role in meeting the infrastructure needs of Abu Dhabi and continue to lead the region’s district cooling industry,” he added.
The company, which provides cooling systems across the Middle East, will announce further details of the recapitalisation programme soon.