National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi based utility company, today announced that the Company’s shareholders voted in favor of a series of resolutions presented by the Board of Directors that will lay the foundations for Tabreed’s recapitalization. The approval by shareholders at Tabreed’s Extraordinary General Assembly (EGA) held on May 30th gives the Board of Directors the authority to proceed with the recapitalization program. The Company will announce further details once the Board of Directors approves the details of the program within the parameters approved by the shareholders.
Tabreed Board Chairman, Khadem Al Qubaisi commented:
“The resolutions approved by our shareholders at the EGA provide a strong vote of confidence and will enable the Board of Directors to structure a recapitalization program that will transform Tabreed and provide for its long-term success. The Company’s viability and potential have been underscored by its strong 2010 first quarter results. 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.”
Tabreed CEO, Sujit S. Parhar commented:
“Yesterday’s positive vote by the shareholders in favor of the continuation of the Company and the recapitalization program enables us to progress the positive dialogue we have had with our various stakeholders. We are confident that we can successfully implement the recapitalization program.”