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