It was part of recapitalisation programme for long-term funding for growth

National Central Cooling Company PJSC (Tabreed) has announced that it has completed the tender offer in connection with its 08 Sukuk, by way of delivery of the relevant shares. The announcement follows the regulatory approval given by the UAE Ministry of Economy on May 17, approving its planned capital increase in relation to its 08 Sukuk, and the earlier approval by 08 Sukuk holders for Tabreed’s tender offer, as disclosed by Tabreed on March 28.

The company’s tender offer for the 08 Sukuk formed a part of Tabreed’s recapitalisation programme, which had been approved by Tabreed shareholders on May 30, 2010 and was completed on April 1, the announcement added. 

According to Tabreed, the completed recapitalisation programme provides the company with a stable capital structure and long-term funding for future growth.