Tabreed acquires 50% stake in Reem Island cooling provider from Aldar
Aldar Properties ALDAR 0.94% 2.15 0.02
Tabreed TABREED -1.14% 1.74 -0.02
Dubai – Mubasher: National Central Cooling Company (Tabreed) on Tuesday announced the acquisition a 50% stake in S&T Cool District Cooling Company from Aldar Properties.
Following the completion of the acquisition, Tabreed will own 100% of S&T, the UAE’s leading district cooling utility said in a filing to the Dubai Financial Market (DFM).
S&T, the major district cooling provider on Reem Island in Abu Dhabi, has a connected capacity of over 31,500 refrigeration tonnes, Tabreed added.
The deal, valued at AED 348 million, will provide provides cooling to prominent landmarks on Reem Island’s skyline such as Sun & Sky Towers, Gate Towers, The Arc and Shams Boutik mall, the DFM-listed company highlighted.
Given that Tabreed posted a net profit of AED 109.7 million ($29.86 million) for the fourth quarter of 2017, versus AED 98.1 million ($26.7 million) in Q4-16.
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