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Tabreed’s AGA approves new Board Members

Thursday, May 12, 2011

Waleed Al Mokarrab Al Muhairi appointed new Chairman and Khaled Al Qubaisi reappointed Managing Director

The shareholders of National Central Cooling Company PJSC (‘Tabreed’), the world’s leading district cooling company, today approved the appointment of the Company’s Board of Directors at its Annual General Assembly (AGA). New Board Members Ahmed Yahia Al Idrissi and Khaled Saleh Al Rashedi join Waleed Al Mokarrab al Muhairi, Khaled Abdulla Al Qubaisi, Ibrahim Al Ansaari, Abdul Raouf Al Bitar and Ali Saeed Al Badi Al Dhaheri who retained their Directorships. The new Board has been approved to represent the Company for the next three years.

H.E. Khadem Al Qubaisi steps down as Chairman having successfully guided the Company through its recapitalization program, while H.E. Khalifa Mohamed Al Mazrouei, H.E. Abdulla Khouri, and Sujit S. Parhar also step down.

At the first meeting of the new Board of Directors immediately following the AGA, Waleed Al Mokarrab al Muhairi was elected by the members of the Board as the Company’s new Chairman and Khaled Al Qubaisi was reappointed as Managing Director.

Waleed Al Mokarrab al Muhairi, Tabreed’s new Chairman commented: “I would personally like to thank Khadem and the other departing Board Members for their immense contribution and guidance in overseeing the successful completion of our recapitalization program and the significant improvement in our operational performance. Tabreed is now positioned to capitalize on future growth opportunities and I am confident that our new Board has the right blend of skills and experience to help the Company achieve its full potential in the years ahead.”

Other resolutions approved by shareholders included the Board of Directors’ report, the Auditor’s report, the Company’s balance sheet and profit and loss accounts, the absolution of the Directors’ and Auditor’s liability for 2010 and the appointment of the Auditor for the year.

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