The UAE National Central Cooling Company Tabreed signed an agreement to sell its 44% stake in the National District Cooling Company Qatar Cool, to the United Development Company.
According to Arab Net, the company added in a statement to the Dubai Financial Market that the deal has been completed, amounting to 417 million dirhams, and the proceeds will be used to finance further growth of Tabreed's portfolio in the main markets.
The company indicated that the deal is expected to result in an increase in cash flow by 417 million dirhams, an increase in income and other gains by 65 million dirhams, in addition to a reduction in the assets held and available for sale by 350 million dirhams.
She explained that this will lead to a decrease in the produced shares by about 40 million dirhams on an annual basis.
and stated that the financial impact of the deal will appear in the third quarter of this year.
