Tabreed will issue convertible bonds worth Dh1.13 billion to Mubadala, a strategic company owned by the Abu Dhabi Government, as part of a recapitalisation plan agreed last year.
Mubadala offered the district cooling company a loan facility of Dh1.4bn maturing at the end of this month and a convertible bond worth Dh1.7bn.
The combined value amounts to Dh3.1bn.
Tabreed has drawn Dh1.13bn from the loan facility, it said in a statement yesterday posted on the Dubai bourse.
The loan facility will be closed and converted to convertible bonds, with the same terms as the previous issue, the statement added.
Like other district cooling operators, Tabreed was buffeted by the property downturn that started in late 2008. It spent billions of dirhams building air conditioning plants, but revenues slowed as projects were delayed and scaled back.
Empower, a district cooling company owned by the Dubai Electricity and Water Authority, also underwent a debt restructuring in the wake of the crisis.
Mubadala has played a significant part in helping to revive the fortunes of Tabreed after it became mired in debt during the global downturn.
Tabreed shares gained 0.8 per cent at Dh1.21 each yesterday. They have risen 140 per cent since January, compared with about 20 per cent for the Dubai Financial Market General Index as a whole. Tabreed has posted a third-quarter profit of Dh73 million, a 35 per cent increase from last year's Dh54.1m.
"The new board and the entry of Mubadala has led to a full restructuring of the company, the results of which have been positive and reflected on the financial statements of the company," said Wadah Al Taha, the chief investment officer at Al Zarooni Group, an investment company in Dubai.
halsayegh@thenational.ae
COMPANY%20PROFILE%20
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'Skin'
Dir: Guy Nattiv
Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga
Rating: 3.5/5 stars
We Weren’t Supposed to Survive But We Did
We weren’t supposed to survive but we did.
We weren’t supposed to remember but we did.
We weren’t supposed to write but we did.
We weren’t supposed to fight but we did.
We weren’t supposed to organise but we did.
We weren’t supposed to rap but we did.
We weren’t supposed to find allies but we did.
We weren’t supposed to grow communities but we did.
We weren’t supposed to return but WE ARE.
Amira Sakalla
Iran's dirty tricks to dodge sanctions
There’s increased scrutiny on the tricks being used to keep commodities flowing to and from blacklisted countries. Here’s a description of how some work.
1 Going Dark
A common method to transport Iranian oil with stealth is to turn off the Automatic Identification System, an electronic device that pinpoints a ship’s location. Known as going dark, a vessel flicks the switch before berthing and typically reappears days later, masking the location of its load or discharge port.
2. Ship-to-Ship Transfers
A first vessel will take its clandestine cargo away from the country in question before transferring it to a waiting ship, all of this happening out of sight. The vessels will then sail in different directions. For about a third of Iranian exports, more than one tanker typically handles a load before it’s delivered to its final destination, analysts say.
3. Fake Destinations
Signaling the wrong destination to load or unload is another technique. Ships that intend to take cargo from Iran may indicate their loading ports in sanction-free places like Iraq. Ships can keep changing their destinations and end up not berthing at any of them.
4. Rebranded Barrels
Iranian barrels can also be rebranded as oil from a nation free from sanctions such as Iraq. The countries share fields along their border and the crude has similar characteristics. Oil from these deposits can be trucked out to another port and documents forged to hide Iran as the origin.
* Bloomberg
Company%20Profile
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