National Central Cooling PSC : Tabreed’s Stock Becomes Shari’a Compliant
October 31, 2017 at 04:18 am EDT
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National Central Cooling Company PJSC (DFM: Tabreed), the leading regional UAE-based district cooling utility company, announced today that its stock has become certified as Shari'a compliant.
The announcement follows the recent meeting of the Islamic Banks' Unified Committee for Shari'a Screening. As a result, Tabreed has been included on the committee's List of Shari'a compliant companies for the listed companies on the Dubai Financial Market (DFM), and its stock is now traded by Islamic banks' brokerage companies.
Commenting on the news, Jasim Husain Thabet, Tabreed's Chief Executive Officer, said: 'We are proud of the certification of Tabreed's stock as Shari'a compliant for the purposes of investment and trading. This certification enables existing and new shareholders with a preference for Shari'a compliant financial instruments to trade in Tabreed's shares, further widening the potential investor base for Tabreed. A broader potential investor base can only assist in increasing liquidity for Tabreed's shares.'
Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi's Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.
Tabreed - National Central Cooling Company PJSC published this content on 31 October 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 31 October 2017 08:17:02 UTC.
Original documenthttps://www.tabreed.ae/news/tabreeds-stock-becomes-sharia-compliant
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National Central Cooling Company PJSC (Tabreed), a subsidiary of Mubadala Development Company PJSC, is a United Arab Emirates-based company engaged in the provision of cooling solutions to government, commercial, residential and private organizations across the Middle East. The Company is organized into two segments: The Chilled Water segment, which constructs, owns, assembles, installs, operates and maintains cooling and conditioning systems, as well as distributes and sells chilled water for use in district cooling technologies, and the Value chain business segment, which is involved in ancillary activities relating to the expansion of Companyâs chilled water business. Tabreedâs portfolio includes 66 plants across the Gulf Cooperation Council (GCC). The Companyâs affiliates and subsidiaries include Qatar District Cooling Company QCSC and Bahrain District Cooling Company BSC, among others.