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Tabreed Repays 735-Million Dirham Islamic Bonds Maturing Today

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July 20 (Bloomberg) -- National Central Cooling Co., known as Tabreed, said it repaid a 735 million-dirham sukuk ($200 million) that matures today.

“The repayment of the 2006 sukuk today was contemplated in our structuring of the recapitalization program and improves the company’s overall financial position,” Chairman Waleed Al Mokarrab Al Muhairi said in a statement to Dubai bourse today. “The strong capital structure that was put in place with the recapitalization program underpins Tabreed’s long-term growth potential.”

Tabreed, which builds and operates air-conditioning and cooling systems, said in April it completed a recapitalization program by refinancing 2.63 billion dirhams ($716 million) of debt and obtaining as much as 3.1 billion dirhams of long-term capital from Abu Dubai government-owned Mubadala Development Co.

The shares lost 0.3 percent to 99.7 fils in Dubai yesterday. The stock has declined 40 percent this year compared with a 6.6 percent drop in the benchmark Dubai Financial Market General Index.

To contact the reporter on this story: Zahraa Alkhalisi in Abu Dhabi at zalkhalisi@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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