Strategic investor Abdul Raouf Al-Bitar has purchased 6.125 million shares at 10.20 Emirati dirhams ($2.7) apiece in Tabreed, the National Central Cooling Company, through the first public auction of its kind on the Dubai Financial Market.
Al-Bitar, CEO of Al-Manhal Water Factories in Saudi Arabia, was acting on behalf of himself and several other investors from Saudi Arabia. Last year, Tabreed amended its articles to allow overseas investors to hold up to 49 percent in the company as per United Arab Emirates (UAE) law and for individual investors to hold up to 20 percent, against five percent previously.
Tabreed has offered district cooling as a utility in the UAE for over five years, developing energy efficient gas-fired and electric-powered district cooling solutions in the UAE and across the region. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
