Company pursuing long-term growth opportunities
Abu Dhabi, 1 April 2011 – National Central Cooling Company PJSC (‘Tabreed’), the world’s leading district cooling company, today announced that it has successfully completed its recapitalization program by refinancing AED 2.63 billion of bank debt and securing up to AED 3.1 billion of committed long-term capital from Mubadala. Tabreed is now focusing its efforts on future growth and expansion.
Khadem Al Qubaisi, Tabreed’s Board Chairman commented: “We are pleased that Tabreed has successfully completed its recapitalization program. We now have the foundations in place for future growth and look forward to benefiting from the strong demand for district cooling in the region to deliver shareholder value. The Company’s performance over the last four quarters demonstrates both the management team’s determination in building the business and the Company’s future prospects.”
Khaled Al Qubaisi, Tabreed’s Managing Director remarked: “Despite the difficult environment last year, our focus on organisational and operational efficiency has enabled us to maintain profitability.
Complete terms of the recapitalization program elements can be found in the ‘Investor Presentation’ dated 1 April 2011 at www.tabreed.com/InvestorsReport.aspx