The National Central Cooling Company (Tabreed) has announced the successful completion of an investment of approximately Dh2.8 billion ($762.32 million) by Engie, a global energy company, to acquire 40 per cent of Tabreed shares, a Wam news agency report said.
Headquartered in France, Engie is a multinational energy leader and expert operator in the business of electricity, natural gas and energy services with a successful heritage spanning over a century.
Jasim Thabet, CEO of Tabreed, said: "With the successful completion of the transaction and major investment in Tabreed by global energy leader Engie, Tabreed is a regional company that is becoming international. We look forward to harnessing Engie’s best in-class operational and project financing excellence, which will build on our financial strength and leading market position to support us in the next phase of our ambitious growth plans."
He added: "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."
Engie acquired the 40 per cent stake from Mubadala Investment Company, the Abu Dhabi-based strategic investment company. Mubadala retains a 42 per cent stake in Tabreed following the transaction.
In June this year, Engie and Mubadala also agreed certain cooperation arrangements that are designed to support Tabreed's growth strategy and management team, as long-term shareholders in the company. Through the partnership with Mubadala, Tabreed will become one of Engie's main regional development platforms, an Engie statement said in June.
Tabreed is a partner of choice for organisations across the GCC in providing environment-friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over one million refrigeration tons (RT) to key developments in the region.
National Central Cooling Company, also known as Tabreed, will be looking at new opportunities after a tie-up with French energy company Engie recently, the company’s chief executive officer told Gulf
The National Central Cooling Company, or Tabreed, said yesterday that its first-quarter net profit advanced 19 per cent on the back of an expansion of its cooling services across the region.
The district cooling company Tabreed reported a 6 per cent rise in full-year profit as it added more capacity to chill buildings.
Revenue increased by the same measure to Dh1.28bn.
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