Mubadala and its wholly-owned subsidiary General investments FZE previously held a 16.79 percent stake in Tabreed, a company spokesman said.

In a statement to the bourse on Sunday, Tabreed said it has completed an issuance of 415.68 million shares to repay the AED1.7 billion ($463 million) convertible Islamic bond, or sukuk.

The Abu-Dhabi based company said the tender offer, which is part of its recapitalization program, covers both principle and coupon payments.

Tabreed, also known as the National Cooling Co, is among a number of Gulf companies which had to restructure its debt after the end of the region’s economic boom.

In March, the firm secured an extra AED3.1 billion ($844.2 million) funding from state-owned fund Mubadala, helping it to tackle its debt pile.

With the conversion of the Islamic trust certificates into shares, Mubadala now has a 14.8 percent stake in the firm while General Investments FZE holds an 11.29 percent state in Tabreed.

It appointed the chief operating officer of Mubadala as its new chairman in a board reshuffle earlier in May.