The United Arab Emirates’ (UAE) National Central Cooling Company (PJSC), Tabreed, recently announced it will call on its existing shareholders to pay the outstanding amount for their shares by mid-year, to enable the company to capitalize on investment opportunities.
As agreed at a board meeting earlier this week, all Tabreed shareholders would be required to pay their outstanding five Emirati dirhams per share between June 1 and June 31, 2002. The number of shares outstanding is 50 million.
An initial public offering (IPO) of Tabreed stock was staged in March 1998. Fifty million shares in the company were sold at Dh10 ($2.72) each. The first five Dh ($1.36) of each share were paid at subscription and the second installment of five Dh on the part-paid shares is now due.
The IPO accounted for 55 percent of Tabreed shares, with the remaining 45 percent held by the company's founding members. Tabreed announced last year that foreigners would be allowed to own up to 49 percent of the company’s capital.
Incorporated in 1998, through the UAE Offsets Group, Tabreed was listed on the Dubai Financial Market (DFM) during the third quarter of 2000. Tabreed is the only company in the UAE offering gas-fired and electric-powered district cooling services and currently has approximately 90,000 refrigerating tons under contract.
The company’s long-term governmental, residential and commercial projects across the UAE include RAK, Dubai, Zayed Military City, Abu Dhabi and Al-Ain. There currently is no competition for Tabreed on the local or regional market.
The company’s results for the fiscal year 2000 indicated net profits of Dh3.05 million, down from Dh8.68 million achieved in 1999. The company reported operating losses through the year 2000 and the profit was reported primarily due to ‘Other Income’. The company projects positive operating income in the year 2002.
District cooling offers an environmentally friendly, maintenance-free and energy saving cooling, as well as reduced noise, more building space and better temperature control. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
