Dubai’s Tabreed to sell 50% stake in unit for $27mln

Dubai’s Tabreed to sell 50% stake in unit for $27mln

Dubai-listed National Central Cooling Company, also known as Tabreed, announced an agreement to sell a 50% shareholding in its subsidiary Tabreed Parks for 99.8 million dirhams ($27 million).

In a statement on the Dubai Financial Market (DFM) on Friday, the district cooling provider said it will sell a 50% stake in Tabreed Parks Investment LLC to DHI DCP DZ-LLC, a subsidiary of DH Investments LLC, a part of Dubai Holding.

Tabreed, which is majority-owned by Abu Dhabi's state-owned fund Mubadala, will retain 50% stake in Tabreed Parks Investment following the sale, which is expected to be completed this month.

The proceeds from the sale of stake will be used to expand Tabreed's portfolio in key markets, it said.

(Writing by Brinda Darasha; editing by Seban Scaria)

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