Dubai – Mubasher: National Central Cooling Company (Tabreed) has entered into an agreement to divest its 44% stake in Qatar District Cooling Company (Qatar Cool) to United Development Company (UDC) in exchange for AED 417 million.
Tabreed's assets in Qatar Cool includes district cooling plants and associated network in Qatar which provide chilled water services to several residential, commercial, retail alongside other real estate assets, according to a bourse filing on Tuesday.
The Emirati company seeks to divest these assets, as they are located in a non-core market for the company.
This transaction is expected to raise the cash balance by AED 417 million and the other income and gain by AED 65 million and reduce the asset held for sale by AED 350 million.
Proceeds will also be used to finance further growth of Tabreed’s portfolio in key markets.
