UAE district cooling firm Tabreed is latest listed firm to allow 100% foreign ownership

UAE district cooling firm Tabreed is latest listed firm to allow 100% foreign ownership

Dubai: The UAE district cooling giant Tabreed is the latest to confirm it will allow 100 per cent foreign investor stake in the company, thus joining Aramex, Abu Dhabi National Hotels and the investment company Amanat. Emaar should join their ranks shortly after a September 21 shareholders meeting. On September 12, Tabreed - which is priced at Dh3.03 and within touching distance of 52-week high Dh3.08 - held a shareholders meet that went on to amend Article (7) of the Articles of Association. The earlier foreign owner limit was capped at 49 per cent. (Current actual foreign buyer stake in the company is just over 4 per cent.) “At Tabreed we pride ourselves on our agility as an organisation, always seeking ways to streamline operations, improve efficiency and apply the highest standards in everything we do," said Khalid Abdulla Al Marzooqi, CEO. "As a result, we provide our shareholders with exceptional stability and high returns and being able to increase foreign ownership of Tabreed’s shares is an important step in unleashing the company’s full potential." The Abu Dhabi wealth fund Mubadala is the major shareholder in Tabreed. “Tabreed is a hugely valuable company to Mubadala, which has been the majority