Senior Tabreed executive quits post

Tabreed CEO Sujit Parhar.

A senior member of National Central Cooling Co (Tabreed)’s executive board has left the company, according to a company statement on the Dubai bourse, as reported by Bloomberg.

Chief operating officer Khaled Salmeen Al Kawari resigned from his position, although no reason has been given for his departure.

It has been a difficult nine months so far this year for Tabreed, which reported mixed results in its first-half data.

In August, ratings agency Standard & Poor’s revised its long-term corporate credit rating on Tabreed to ‘BB-‘ from BB.

In mid-September, Reuters reported that the district cooling major had withheld payments to some of its leading contractors and is seeking discounts for some completed projects.
 

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