Dubai – Mubasher: The National Central Cooling Company (Tabreed) on Thursday approved the decision to increase its capital to AED 2.7 billion from AED 738.5 million.

This increase will be implemented through the conversion of mandatory convertible bonds (MCBs) into stocks, which are due in 2019, according to a statement to the Dubai Financial Market (DFM).

The board of directors agreed to issue 890.83 million shares and 1.086 billion shares to General Investment FZE and Kahrabel FZE, respectively, through the conversion of bonds.

Raising capital will be carried out after obtaining all the necessary approvals and the amendment of article 6 of the company's articles of association, to reflect that capital hike.

Earlier on Thursday, Tabreed posted a 20% increase in net profit to AED 192.7 million in the first half of 2017 from AED 160.5 million in H1-16.