Tabreed Rises to Highest Since February After Recapitalization

National Central Cooling Co. rose to the highest level since February after the company also known as Tabreed completed a recapitalization program.

The shares climbed 1.8 percent to 1.16 dirhams at the 2 p.m. close in Dubai, the highest level since Feb. 23. They have lost 31 percent this year.

Tabreed said April 1 it refinanced 2.63 billion dirhams ($716 million) of debt and obtained as much as 3.1 billion dirhams of long-term capital from state-owned Mubadala Development Co.

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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