Dubai-listed National Central Cooling Company (Tabreed) will divest nearly half (44 percent) of its stake in Qatar District Cooling Company (Qatar Cool).
The transaction is estimated to be around 417 million dirhams ($113.5 million) and will not have any “material impact” on the firm, Tabreed said in a bourse filing to the Dubai Financial Market (DFM) on Tuesday.
The assets to be divested consist of district cooling plants and associated network in Qatar which provide chilled water services to multiple residential, commercial, retail and other real estate assets.
“The assets are located in a non-core market for the company, therefore the seller decided to divest its shares in Qatar Cool,” Tabreed said.
“We don’t expect any material impact on the company and its operations, and the rights of its shareholders due to this divestment.”
(Reporting by Cleofe Maceda; editing by Seban Scaria)
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