Wednesday, Aug 16, 2017

Abu Dhabi

National Central Cooling Company (Tabreed) announced on Wednesday the successful completion of the investment by Engie, the global energy company, to acquire 40 per cent of the shares in Tabreed for approximately Dh2.8 billion.

Headquartered in France, Engie is involved in the business of electricity, natural gas and energy services with a successful heritage spanning over a century.

The completion of the transaction follows regulatory approval obtained by Tabreed in August 2017. Further to this, at their meeting on August 10, Tabreed’s Board of Directors called for a General Assembly, planned for September, where four new directors will be elected by Tabreed’s shareholders to replace those directors who have recently resigned in expectation of Engie nominating candidates to the Board, according to Tabreed.

With the successful completion of the transaction and major investment in Tabreed by Engie, Tabreed is a regional company that is becoming international, Jasim Thabet, CEO of Tabreed said in a statement.

“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.”

“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.”

Staff Report

Gulf News 2017. All rights reserved.