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Wed 28 Jul 2010 04:40 PM

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UAE's Tabreed seeks share capital decrease

National Cooling Co to ask board to approve a reduction in the firm's share capital.

UAE's Tabreed seeks share capital decrease
STOCK WATCH: Dubai-listed Tabreeds shares ended 2.7 percent higher on Wednesday but performance is 55 percent down so far this year.(Getty Images)

Cooling firm Tabreed, which plans to restructure debt, will ask its board of directors to approve a reduction in the firm's share capital, it said on Wednesday.

The firm, also known as the National Cooling Co. is part owned by Abu Dhabi government investment vehicle Mubadala, and provides services to projects such as Dubai Metro and Yas Island in the capital.

Dubai-listed Tabreed's shares ended 2.7 percent higher on Wednesday but performance is 55 percent down so far this year.

In May, Tabreed won shareholder approval to restructure $1.47 billion in debt as part of a recapitalisation plan. (Reuters)

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