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Mon 8 Jun 2015 12:50 PM

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UAE Tabreed shareholders approve $272m convertible bonds buyback

Tabreed has about 69 district cooling plants across the Gulf

UAE Tabreed shareholders approve $272m convertible bonds buyback

National Central Cooling Co (Tabreed) shareholders have approved the buyback of 28 percent of convertible bonds held by its largest shareholder Mubadala at a cost of 1 billion dirhams ($272 million), the Abu Dhabi utility said on Monday.

The transaction will be completed by early July and the repurchased bonds subsequently cancelled, Tabreed said in a statement to the Dubai bourse website.

Tabreed, which has about 69 district cooling plants across the Gulf, said last month it was planning to buy back the bonds.

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