Dubai - Mubasher: ENGIE successfully completed the acquisition of a 40% stake in National Central Cooling Company (Tabreed) for approximately AED 2.8 billion, according to a bourse statement.
The completion of the transaction followed the regulatory approval of Tabreed in August 2017.
Tabreed’s board called on 10 August for a general meeting in September to elect four new directors to replace those directors who recently resigned as ENGIE will nominate candidates to the board.
“With the region’s growing cooling demand driven by population growth and investment in key infrastructure and development projects, our focus remains on the GCC while we will evaluate opportunities outside the region,” according to Tabreed CEO Jasim Thabet.
Tabreed currently delivers over 1 million refrigeration tonnes to key developments in the region such as Abu Dhabi’s Al Maryah Island, Yas Island, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in Saudi Arabia.
