Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Tabreed Climbs Most in Two Months on $1.6 Billion Contract Win

June 3 (Bloomberg) -- National Central Cooling Co. jumped the most since April after saying it signed a 6 billion dirham ($1.6 billion) contract to supply the United Arab Emirates Armed Forces with air conditioning.

Shares in the company known as Tabreed rose as much as 11 percent to 2.25 dirhams before closing 6.4 percent higher at 2.15 dirhams. The 20-year contract builds on an agreement signed in 2000, it said in a statement posted on the Dubai stock exchange website. The benchmark DFM General Index fell 1.5 percent.

Abu Dhabi-based Tabreed, which designs, builds and operates air conditioning plants, is discussing new projects with the armed forces, it said. The shares have declined 10 percent this year, compared with a 51 percent gain for Dubai’s benchmark index, data compiled by Bloomberg show.

“The stock hasn’t seen any news for a long time,” Hisham Khairy, the Dubai-based head of institutional trade at Mena Corp. Financial Services LLC, said by telephone from the emirate. “They have been one of the biggest laggards and it has been under selling pressure.”

The district cooling company, which had 66 plants in the six-nation Gulf Cooperation Council at the end of March, reported a 22 percent jump in first-quarter profit as it made more than 16,000 refrigerated tons of new connections, according to an April 28 statement.

To contact the reporter on this story: Samuel Potter in Dubai at spotter33@bloomberg.net

To contact the editors responsible for this story: Claudia Maedler at cmaedler@bloomberg.net Stephen Kirkland, Dana El Baltaji

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.