DUBAI, 30 May 2003 — Tabreed, The National Central Cooling Co. (PJSC) staged an open auction of 4.6 million shares, comprising almost 10 percent of its total 500 million dirham capital, at the Dubai Financial Market (DFM) on Wednesday.
The event generated significant interest among local and international investors, with 14 buyers participating in the auction and trading a total of 4,513,499 shares worth 46,369,179 dirhams.
BTU District Energy Company, an affiliate of BTU Ventures Inc., a private equity and project development company focused on mid and downstream energy and energy-related industries in the Middle East, acquired 1.77 million shares at 10.30 dirhams.
“We’ve been closely following Tabreed’s progress for over a year now and believe that it represents an exceptional long-term investment opportunity,” said Wael Al-Mazidi, CEO, BTU Ventures. “Tabreed’s business model is robust and adheres to that of typical utility businesses in the United States, Europe and Japan.
“Tabreed’s management is world-class, its brand name is recognized throughout the region, and its future growth prospects both domestically and regionally are tremendous. We’re confident that Tabreed will realize its true potential as the local and regional investor and investment banking communities gradually develop a better appreciation for its business model,” said Al-Mazidi.