Tabreed completes tender offer for 08 Sukuk
Tender offer forms part of company's recapitalisation plan
National Central Cooling Company PJSC Tabreed, the Abu Dhabi-based utility company, today announced that it has completed the tender offer in relation to its 08 Sukuk by way of delivery of the relevant shares.
This announcement follows the regulatory approval given by the UAE Ministry of Economy on 17th May 2011 approving its planned capital increase in relation to its 08 Sukuk, and the earlier approval by 08 Sukuk holders for Tabreed’s tender offer as disclosed by Tabreed on 28th March 2011.
The company’s tender offer for the 08 Sukuk formed a part of Tabreed’s recapitalisation program - approved by Tabreed shareholders on 30th May 2010 and which completed on 1st April 2011. The completed recapitalisation program provides the company with a stable capital structure and long-term funding for future growth.