Dubai, UAE–Tabreed has decided to increase the foreign ownership limit of its shares to 100 per cent, from 49 per cent.
The company made the decision known in a disclosure letter to Dubai Financial Market (DFM).
In DFM’s trading today, Tabreed share closed higher by 10.14 percent at AED3.15 following trading of 7.5 million shares.
Also read: Tabreed H1 profit $65 million
Tabreed share came third as the most active by values, and ranked fifth in the list of the most active by volume.
In September, Tabreed shareholders gave a go-ahead to remove the limit of shares that foreigners can invest in.
The company reported a net profit of AED240.4 million (US$65.4 million) for the first half of the year, an increase of 3 percent compared to a year ago.
Also read: Tabreed ups cooling-scheme stake
The company has also decided to raise the individual ownership limit of its shares to 100 per cent, from 20 per cent, it said in a statement to the Dubai Financial Market, where its shares are traded.
The new decisions come into effect at the end of the trading session on Friday.
Founded in 1998, Tabreed owns and operates 86 district cooling plants across the GCC, including 75 in the UAE, three in Saudi Arabia, seven in Oman and one in Bahrain, in addition to other international projects and operations.
The company has been rapidly expanding its operations across the region to boost its portfolio. It acquired a majority stake in Emaar Properties’ Downtown Dubai district cooling business for Dh2.48 billion ($675 million) in 2020.
It also bought two district cooling units on Saadiyat Island in Abu Dhabi from Aldar Properties in a Dh963 million deal to boost its portfolio in the UAE.