Tabreed Receives Shareholders’ Approval for USD 1 Billion Issuance Via Conventional or Sukuk Instruments

Abu-Dhabi-based National Central Cooling Company (Tabreed) announced in a filing on the 7th of October 2020, that it has gained shareholders’ approval to raise up to USD 1 billion in funding through either conventional bonds or Sukuk.

In the filing to the Dubai Financial Market, Tabreed noted the funds are authorised for issue over the next twelve months and would be issued in one or more tranches. The funds raised will go towards financing acquisitions, as well as for general corporate purposes.

The statement added that the debt instruments would be offered to “qualified investors” and would carry a tenure of up to 30 years. The profit rate on these instruments wo...