Tawasul
Mubasher TV
Contact Us Advertising   العربية

Tabreed authorises board to issue $1bn bonds and/or Sukuk

Tabreed authorises board to issue $1bn bonds and/or Sukuk
The bonds or Sukuk are valued at $1 billion in aggregate
Tabreed
TABREED
0.00% 2.49 0.00

Dubai – Mubasher: National Central Cooling Company (Tabreed) has authorised the board for 12 months to issue non-convertible bonds and/or Sukuk in one or more tranches to be offered to qualified investors.

The bonds or Sukuk are valued at $1 billion in aggregate, with a tenor of up to 30 years and at a profit rate not exceeding the prevailing market rate available to the companies with the same credit rating, according to the company's disclosure to the Dubai Financial Market (DFM) on Wednesday.

The proceeds of the issuance will be used to fund acquisitions or for general corporate purposes.

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