Dubai – Mubasher: National Central Cooling Company (Tabreed) stated on Sunday that the acquisition of a 50% stake in S&T Cool District Cooling Company would add AED 15 million annually to the company’s net profit.
The Abu Dhabi-based company’s returns will also see an annual growth of AED 50 million following the acquisition, Tabreed added in a statement to the Dubai Financial Market (DFM).
The deal is planned to be closed by the end of March or at the beginning of April 2018 after the completion of the required documentation.
S&T has won a 29-year concession to provide cooling services on Reem Island in Abu Dhabi, the DFM-listed company revealed.
Tabreed posted an 11.8% year-on-year increase in net profits for the fourth quarter of 2017.
