By: Enas Bahgat
Dubai – Mubasher: National Central Cooling Company’s (Tabreed) stock rose to the highest level in six sessions, following news that ENGIE completed the acquisition of a 40% stake in the former company for around AED 2.8 billion.
Tabreed’s stock rose 1.92% to AED 2.12 by 12:37 pm UAE time, generating AED 5.28 million from the exchange of 2.49 million shares.
The stock pushed Dubai’s bourse to rise 0.64% during the same period.
The completion of ENGIE's transaction followed the regulatory approval of Tabreed in August 2017.
Tabreed’s board called on 10 August for a general meeting in September to elect four new directors to replace those directors who recently resigned, as ENGIE will nominate candidates to the board.
