Dubai – Mubasher: National Central Cooling (Tabreed) has announced that Islamic Development Bank Infrastructure (IDB) Fund II has taken over a big stake in Saudi Tabreed.
IDB Fund II will subscribe in new shares and buy others from current holders, according to a company statement.
Emirati Tabreed revealed that after the completion of that transaction, its stake in the Saudi unit will decline to 20% from 25%, adding that it will receive about AED 70 million from the fund in exchange for its shares in the subsidiary.
The Dubai-listed company noted that it will gain AED 30 million from the deal.
