IDB Infrastructure Fund II BSC managed by ASMA Capital Partners B.S.C. acquired a minority stake in Saudi Tabreed District Cooling Company from National Central Cooling Company PJSC (‘Tabreed’), ACWA Holding, AlMutlaq Group, Lama Holding and Abdullah Abunayyan.
May 02, 2018
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IDB Infrastructure Fund II BSC managed by ASMA Capital Partners B.S.C. acquired a minority stake in Saudi Tabreed District Cooling Company from National Central Cooling Company PJSC (DFM:TABREED) (‘Tabreed’), ACWA Holding, AlMutlaq Group, Lama Holding and Abdullah Abunayyan in April 2018. As part of the transaction, IDB Infrastructure Fund will invest in Saudi Tabreed in part by subscription for new shares and in part through purchase of existing shares from current shareholders. Tabreed will receive around AED 70 million in cash from a combination of the sale of its shares to the Fund and dividends to be paid by Saudi Tabreed. Following the transactions, Tabreed’s stake in Saudi Tabreed will decrease from 25% to 20%. ASMA Capital will hold 22.8% stake in Saudi Tabreed.
Naji Hawayek, Rajiv Nawbatt, Alain Sfeir, Neil Williams, Hamad Al Muslem, Abdulrahman Al-Ohaly, Mario Haxhiymeri and Alicia Hatvany of Clyde & Co. served as the legal advisor to Saudi Tabreed District Cooling Company and to the sellers. Haitham Hawashin, Zubair Mir, Anthony Ellis, Shazi Askarpour, Phil Hanson and Noor Al Heialy from Herbert Smith Freehills Dubai served as legal advisors to the acquirer. GIB Capital acted as financial advisor to Saudi Tabreed.
IDB Infrastructure Fund II BSC managed by ASMA Capital Partners B.S.C. completed the acquisition of a minority stake in Saudi Tabreed District Cooling Company from National Central Cooling Company PJSC (DFM:TABREED) (‘Tabreed’), ACWA Holding, AlMutlaq Group, Lama Holding and Abdullah Abunayyan in April 2018.
National Central Cooling Company PJSC (Tabreed), a subsidiary of Mubadala Development Company PJSC, is a United Arab Emirates-based company engaged in the provision of cooling solutions to government, commercial, residential and private organizations across the Middle East. The Company is organized into two segments: The Chilled Water segment, which constructs, owns, assembles, installs, operates and maintains cooling and conditioning systems, as well as distributes and sells chilled water for use in district cooling technologies, and the Value chain business segment, which is involved in ancillary activities relating to the expansion of Companyâs chilled water business. Tabreedâs portfolio includes 66 plants across the Gulf Cooperation Council (GCC). The Companyâs affiliates and subsidiaries include Qatar District Cooling Company QCSC and Bahrain District Cooling Company BSC, among others.
IDB Infrastructure Fund II BSC managed by ASMA Capital Partners B.S.C. acquired a minority stake in Saudi Tabreed District Cooling Company from National Central Cooling Company PJSC (‘Tabreed’), ACWA Holding, AlMutlaq Group, Lama Holding and Abdullah Abunayyan.
NATIONAL CENTRAL COOLING COMPANY 
