DC firm Tabreed replaces chairman in reshuffle
Cooling company completes recapitilisation programme with new chairman
District cooling firm Tabreed has replaced its chairman and reshuffled its board after completing a recapitalisation programme, according to a report by arabianbusiness.com.
The Abu Dhabi-based firm posted a 21 per cent drop in first-quarter net profits earlier this week, following a deal with creditors to restructure $716m worth of debt in February.
Waleed Al Mokarrab Al Muhairi has taken over as chairman, replacing Khadem Al Qubaisi.
Sujit Parhar also left the board, although he remains as CEO.
"The first three months of 2011 have been extremely positive for Tabreed," Sujit Parhar, Tabreed's chief executive officer said in the firm’s first-quarter statement. "I am pleased to report that we remain profitable, continue to improve margins and look forward to delivering successfully on our business plan in the year ahead."
Auditors said, however, that current liabilities exceeded its current assets by $716m, while accumulated losses of $26m amounted to 400 percent of its issued share capital as of 31 March.
"The above factors indicate the existence of a material uncertainty which may cast significant doubt about the group's ability to continue as a going concern," Tabreed quoted auditors in the statement.
In April, CFO Steve Ridlington left the company. Ridlington who oversaw much of the debt restructuring process, was replaced by Adrian Kershaw at the beginning of May.