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FINANCIAL NEWS
Tabreed sells stake in Jordanian subsidiary
29 Mar 2010
(MENAFN) Dubai-listed Tabreed, the Middle East’s largest district cooling firm, said that it has sold its 50 percent stake in its Jordanian subsidiary without disclosing the deal’s financial terms.
Tabreed, also called National Central Cooling Co., in March announced that it would turn to Abu Dhabi for support after it posted a $305 million loss for 2009.
The company provides centralized cooling for projects such as the Dubai Metro and Abu Dhabi’s Yas Island and is also known as the National Central Cooling Co.
Tabreed said in a statement it completed its stake sale in Tabreed Jordan, a private Jordanian shareholding company, on March 17 and that terms are confidential.
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