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Thu 12 May 2011 10:13 AM

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UAE's Tabreed replaces chairman, reshuffles board

District cooling major appoints Waleed Al Muhairi as chairman, CEO Sujit Parhar leaves board

UAE's Tabreed replaces chairman, reshuffles board
Sujit Parhar has left the board, although he remains as CEO of Tabreed

District cooling firm Tabreed has replaced its chairman and
reshuffled its board after completing a recapitalisation programme.

The Abu Dhabi-based firm posted a 21 percent drop in
first-quarter net profits earlier this week, following a deal with creditors to
restructure $716m worth of debt in February.

Waleed Al Mokarrab Al Muhairi has taken over as chairman,
replacing Khadem Al Qubaisi.

Sujit Parhar also left the board, although he remains as

"The first three months of 2011 have been extremely
positive for Tabreed," Sujit Parhar, Tabreed's chief executive officer
said in the firm’s first-quarter statement. "I am pleased to report that
we remain profitable, continue to improve margins and look forward to
delivering successfully on our business plan in the year ahead."

Auditors said, however, that current liabilities exceeded
its current assets by $716m, while accumulated losses of $26m amounted to 400
percent of its issued share capital as of 31 March.

"The above factors indicate the existence of a material
uncertainty which may cast significant doubt about the group's ability to
continue as a going concern," Tabreed quoted auditors in the statement.

In April, CFO Steve Ridlington left the company. Ridlington
who oversaw much of the debt restructuring process, was replaced by Adrian
Kershaw at the beginning of May.

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