Tabreed Receives 90% Acceptance to Buy Back Trust Certificates

National Central Cooling Co., the United Arab Emirates company known as Tabreed, said 90 percent of the holders of its 2011 trust certificate accepted an offer to buy back the security by the company.

Tabreed received acceptance valued at 1.53 billion dirhams of its 1.7 billion-dirham certificates, it said in a statement to the Dubai bourse today. Morgan Stanley (MS) is the dealer manager, while Lucid Issuer Services Ltd. is the tender agent.

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