Majid Al Futtaim Reportedly Puts District Cooling Unit Up for Sale
October 13, 2020 at 03:40 am EDT
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Majid Al Futtaim Holding LLC (MAF) is putting its district cooling unit up for sale, four sources with knowledge of the matter told Reuters. MAF has hired HSBC to tender the deal, said the sources, declining to be named as the matter is not public. MAF added that it would communicate any changes to its business. HSBC declined to comment. One of the sources said MAF could seek around AED 500 million ($136.14 million) for the unit, which comprises chillers connected to its hotels and shopping malls. A second source said that MAF had sounded out potential investors over the summer, adding that the company had yet to finalise exactly which assets would be included in the deal, which the source said could be worth around AED 1 billion. The sources said the sale is expected to attract the attention of National Central Cooling Company PJSC (DFM:TABREED) (Tabreed). Tabreed was not immediately available to comment.
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.
NATIONAL CENTRAL COOLING COMPANY 
