Dubai-listed National Central Cooling Co (Tabreed) on Monday said Abu Dhabi state-owned investment fund Mubadala would convert bonds that it holds into 79.4 million new Tabreed shares.
This will raise Tabreed's outstanding shares to 738.5 million, according to a statement to Dubai's bourse.
The company did not say when the new shares, priced at AED1.69 each, would be issued. Tabreed's shares ended in the market on Sunday at AED2.
The convertible bonds were issued to Mubadala in lieu of a cash dividend for 2012. Mubadala is currently the biggest shareholder in Tabreed with 14.3 percent, according to Thomson Reuters data.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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