Tabreed to pick new directors as Engie investment completes

Tabreed announced the successful completion of the investment by Engie, which will acquire 40% of its shares for approximately $762m

Four new directors will be elected by Tabreed’s shareholders [representational image].
Four new directors will be elected by Tabreed’s shareholders [representational image].

UAE-based district cooling utility company Tabreed, announced the successful completion of the investment by Engie, which will acquire 40% of the shares in Tabreed for approximately $762m (AED2.8bn).    Tabreed’s board of directors have called for a general assembly this September, during which four new directors will be elected to replace those that have recently resigned, in expectation of Engie nominating candidates to the board.

Jasim Thabet, CEO of Tabreed, said: “With the successful completion of the transaction and major investment in Tabreed by global energy leader Engie, Tabreed is a regional company that is becoming international.

"We look forward to harnessing Engie’s best in-class operational and project financing excellence, which will build on our financial strength and leading market position to support us in the next phase of our ambitious growth plans."  
 
Thabet added: "With the region’s growing cooling demand driven by population growth and investment in key infrastructure and development projects, our focus remains on the GCC while we will evaluate opportunities outside the region."

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