UAE-based National Central Cooling Company (Tabreed) said it has obtained shareholder approval to issue non-convertible bonds worth upto $1 billion over the next 12 months, either through non-convertible bonds or Islamic sukuk issues.
 
In accordance with this special resolution adopted at the company's annual general meeting held recently, Tabreed will be free to issue these bonds directly or through a special purpose vehicle and in one or more tranches to qualified investors, said the Emirati company in its filing to the Dubai Financial Market.
 
It also stated that the rate on these debt offerings must not exceed prevailing market rates available to companies with the same credit rating as Tabreed.
 
According to Tabreed, these proceeds will be used to fund acquisitions and/or for general corporate purposes.
 
Later at the AGM, the shareholders also gave the go-ahead to the board for distribution of cash dividends of 5.75 fils per share, together with the issuance of bonus shares equal to 1 share for every 45 shares held by each shareholder for the financial year ended December 31, 2020.-TradeArabia News Service

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