ABU DHABI // The National Central Cooling Company, or Tabreed, will hold an extraordinary general meeting next month to vote on plans to restructure two Islamic bonds and possibly issue new debt, as it reels from a difficult year.
Tabreed announced a surprise Dh1.12 billion (US$304.9m) loss for 2009, after the slowing property sector hit its cooling plant business.
Mubadala Development, the strategic investment arm of the Abu Dhabi Government and the compan';s largest shareholder, lent it Dh1.3bn earlier this year as Tabreed undergoes a revamp.
At a meeting on April 21, Tabreed shareholders will vote on whether to give the board of directors the authority to raise as much as Dh4.2bn in bonds or sukuk, according to a disclosure to the markets yesterday. They will vote on allowing the board to restructure a $200m sukuk due in 2011 and a Dh1.7bn sukuk also due in 2011.
"No decisions have been made regarding any debt restructuring or pending sukuk payments," Tabreed said in a statement. "However, we do acknowledge that the short-term maturity pressure is likely to be an impediment to raising new equity."
The shareholders will also vote on whether to continue the company, as per the UAE Commercial Companies Law, which requires an extraordinary general meeting to consider liquidation if a company's losses amount to half or more of the capital. A dissolution of Tabreed would be unlikely, with the Government holding the majority of the company through direct and indirect investments.
"Mubadala has every confidence in Tabreed's Board and management team following their strategic review of the business, which identified the need for a recapitalisation programme in order to secure its long-term future," Mubadala said in a statement yesterday. "Mubadala is a minority shareholder in Tabreed and, in common with other investors, we are committed to realising the long-term benefits of our investment. We look forward to seeing how that may be achieved."
bhope@thenational.ae
If you go
The flights
The closest international airport for those travelling from the UAE is Denver, Colorado. British Airways (www.ba.com) flies from the UAE via London from Dh3,700 return, including taxes. From there, transfers can be arranged to the ranch or it’s a seven-hour drive. Alternatively, take an internal flight to the counties of Cody, Casper, or Billings
The stay
Red Reflet offers a series of packages, with prices varying depending on season. All meals and activities are included, with prices starting from US$2,218 (Dh7,150) per person for a minimum stay of three nights, including taxes. For more information, visit red-reflet-ranch.net.
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If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com