UAE’s Mubadala To Convert Bonds Into 79.4m Tabreed Shares

Dubai-listed National Central Cooling Co (Tabreed) on Monday said Abu Dhabi state-owned investment fund Mubadala would convert bonds that it holds into 79.4 million new Tabreed shares.

This will raise Tabreed’s outstanding shares to 738.5 million, according to a statement to Dubai’s bourse.

The company did not say when the new shares, priced at Dhs1.69 each, would be issued. Tabreed’s shares ended in the market on Sunday at Dhs2.

The convertible bonds were issued to Mubadala in lieu of a cash dividend for 2012. Mubadala is currently the biggest shareholder in Tabreed with 14.3 per cent, according to Thomson Reuters data.