Mubadala Development Co beefs up Tabreed stake
Abu Dhabi state fund converts bonds into cooling company shares.
Mubadala Development Company has taken a greater slice of National Central Cooling Company (Tabreed) after converting bonds into equity.
The Abu Dhabi state investment fund has turned AED 134mn ($36.5mn) worth of bonds into close to 80 million new shares.
Tabreed’s outstanding number of shares now stands at 738.5 million following the exercise, according to a statement to the Dubai Financial Market.
The conversion price is AED 1.6856 per share, which was the agreed upon price at the time of the issuance of the bonds.
Mubadala is currently the biggest shareholder in Tabreed with a 14.3% stake.