The UAE National Central Cooling Company (Tabreed) announced that the Saudi Public Investment Fund has acquired a 30% stake in the Saudi Tabreed Company through a private placement of shares.
According to Arabia Net, the Emirati company, Tabreed, has acquired additional shares in the Saudi Tabreed Company from Al Mutlaq Industrial Investments Group, at a value of 54.6 million riyals.
The Emirati Tabreed indicated that it aims through the deal to unify the current shares of Tabreed in Saudi Tabreed, the provider of Saudi district cooling services, by 21.8%.
Tabreed stated that it will soon announce the details of the recent acquisition, confirming its commitment to the disclosure and transparency requirements of the Securities and Commodities Authority and the Dubai Financial Market, and that all disclosures related to all material transactions will take place in the market upon completion.
Bloomberg had reported that the Saudi Public Investment Fund had entered into talks to buy a stake in the Saudi Tabreed Company, a subsidiary of the Emirati Tabreed, for $250 million.
The Emirati company Tabreed owns a 28% stake in Saudi Tabreed, in addition to other shareholders such as Vision Invest, Al Mutlaq Group and an infrastructure fund affiliated with the Islamic Development Bank.
A cooling unit in Saudi Arabia has agreements to provide cooling services for projects belonging to the Saudi Public Investment Fund, such as the Red Sea and Qiddiya projects.
