Abu Dhabi – Mubasher: The National Central Cooling Company (Tabreed) said it completed the purchase of 28% of convertible bond Series B, according to a bourse filing.

The bonds, due in 2019, were issued by Tabreed in 2011 to MDC Industry Holding Company (MDCI). The aggregate price of the bonds amounts to AED 1 billion. The buyback decision was approved by Tabreed’s shareholders on 7 June.

Since the start of the capital restructure programme in 2011, Tabreed has succeeded in boosting its operational and financial performance greatly, resulting in major improvements in the company’s credit portfolio, Tabreed CEO Jassim Hussein Thabet previously told Mubasher, adding that his company is now in a position that enables it to receive better options in financing its loans and recovering its bonds that were issued during the restructure.

Tabreed posted a 6% rise in net profits to AED 62.17 million ($17 million) in the first quarter of 2015, compared to AED 58.74 million ($16 million) in the same period in 2014.