Tabreed plans to trim share capital
Dubai, July 28, 2010
UAE cooling firm Tabreed, which plans to restructure debt, will ask its board of directors to approve a reduction in the firm's share capital, it said on Wednesday.
The firm, also known as the National Cooling Company is part owned by Abu Dhabi government investment vehicle Mubadala, and provides services to projects such as Dubai Metro and Yas Island in the capital.
Dubai-listed Tabreed's shares ended 2.7 per cent higher on Wednesday but performance is 55 per cent down so far this year.
In May, Tabreed won shareholder approval to restructure $1.47 billion in debt as part of a recapitalisation plan.-Reuters