National Central Cooling Company (Tabreed) said it has decided to increase the company’s foreign ownership limit (FOL) from 49 percent to 100 percent.
In a disclosure made to the Dubai Financial Market (DFM) on Tuesday, Tabreed said it would also activate its decision to increase the individual ownership limit from 20 percent to 100 percent from the close of December 23, 2022 trading session.
The announcement led to the company share price posting a jump of more than 10 percent on DFM on Tuesday to close at AED3.15.
As many as 7.5 million Tabreed shares, valued at AED22.29 million, were traded in yesterday’s session.
This made the company’s shares becoming the third most actively traded shares by value, and ranking fifth in the list of the most active by volume.
In September, Tabreed shareholders gave a go-ahead to remove the limit of shares that foreigners can invest in.
The company reported a net profit of AED240.4 million ($65.4 million) for the first half of the year, an increase of 3 percent compared to a year ago.
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