Tabreed gets shareholders’ approval to use Dh1bn to buy back bonds held by Mubadala

The cooling solutions company Tabreed has gained shareholders’ approval to spend Dh1 billion to buy back convertible bonds held by state-owned investment company Mubadala.The district cooling utility firm will buy about 854 million bonds, equivalent to 28 per cent of Tabreed bonds that Mubadala holds.Tabreed plans to cancel the bonds when the deal is completed next month.The bonds were initially issued as part of a restructuring in 2011, when Mubadala provided Dh3.1bn to help Tabreed pay down its debts that had been built up because of its rapid expansion of cooling plants just before the global financial crisis in 2008.