Dubai – Mubasher: National Central Cooling Co. (Tabreed) on Sunday said its shareholders had approved the issuance of non-convertible bonds or sukuk.

The bonds or sukuk may reach up to $1 billion or its equivalent, Tabreed said in a statement to the Dubai Financial Market (DFM), noting that shareholders had authorised the board to determine the issue date “provided that such date shall not exceed one year from the date of this authority.”

Shareholders attending the general meeting represented 85.95% of Tabreed’s shares.

Last month, Tabreed’s board proposed raising $1 billion (AED 3.67 billion) through an issue of bonds, sukuk, or other instruments.

By 12:46 pm UAE time, Tabreed’s stock shed 1.27% to AED 1.56.