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Sun 28 Mar 2010 11:39 AM

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Tabreed announces 50% Jordan stake sale

Dubai Metro's cooling firm reveals the sale but does not disclose financial terms.

Tabreed, the Middle East's largest district cooling firm, on Sunday said it sold its 50 percent stake in its Jordanian subsidiary without disclosing the deal's financial terms.

Dubai-listed Tabreed, also called National Central Cooling Co, in March announced it would turn to Abu Dhabi for support after it posted a $305 million loss for 2009.

The company provides centralised cooling for projects such as the Dubai Metro and Abu Dhabi's Yas Island.

Tabreed said in a statement it completed its stake sale in Tabreed Jordan, a private Jordanian shareholding company, on March 17 and that terms are confidential. Shares in Tabreed traded flat on Sunday, while the broader Dubai index rose 0.7 percent. (Reuters)

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