Dubai – Mubasher: National Central Cooling Company (Tabreed) will authorise the board to issue bonds or Sukuk valued at $1 billion in one or more tranches to be offered to qualified investors.

The bonds or Sukuk will be issued with a maturity date of up to 30 years and at a profit rate not exceeding the prevailing market rate available to companies with the same credit rating as Tabreed, according to the company's disclosure to the Dubai Financial Market (DFM) on Wednesday.

They will not be for public subscription and will not be listed on any financial market in the UAE.

It is noteworthy to mention that in the first half (H1) of 2020, Tabreed's net profits jumped by 13% to AED 224.30 million, compared to AED 199.36 million in H1-19.