Dubai – Mubasher: National Central Cooling Company (Tabreed)’s board is planning to propose raising $1 billion (AED 3.67 billion) through bonds, sukuk, or other instruments.

The company’s general assembly meet is slated for Wednesday, 19 September and will discuss a resolution granting the board of directors the capacity to raise the said amount within 12 months, Tabreed said in a filing to the Dubai Financial Market (DFM).

Any decision will be subject to the approval of the competent authorities in the UAE.

Tabreed last reported a 10% year-on-year increase in net profit to  AED 211.9 million in the first half of 2018.