Dubai-listed National Central Cooling Co. (Tabreed) entered into a deal to acquire additional shares in Saudi Tabreed Co. from Al Mutlaq Group for Industrial Investments at a total value of SAR 55 million (AED 53.7 million).
In a statement, the UAE-based company noted that in tandem with the acquisition deal, Saudi Arabia’s Public Investment Fund (PIF) acquired 30% of Tabreed Saudi Arabia through a private placement, subject to duly approved procedures in accordance with the agreement.
Additional details of the acquisition are as follows:
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Acquisition Details |
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Company |
National Central Cooling Co. (Tabreed) |
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Deal |
Acquisition of additional shares in Saudi Tabreed from Al Mutlaq Group for Industrial Investments LLC for SAR 55 mln (AED 53.7 mln). |
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Type of target asset and description of activity |
Consolidate Tabreed’s existing shareholding in Saudi Tabreed, at 21.8%. Simultaneously, Public Investment Fund (PIF) bought 30% stake in Saudi Tabreed in a private placement, subject to completion procedures as per the agreement. |
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Determine value of the asset acquisition cost and percentage to the capital of the listed company in case of disposal, mortgage or leasing |
Capital investment of SAR 54.6 mln (AED 53.6 mln)/ AED 2.845 BN = 2% |
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Value of acquisition deal |
SAR 55 mln (AED 53.7 mln) |
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Reasons for acquisition and expected impact on the company, its operations, and shareholders |
Consolidate Tabreed’s existing shareholding in Saudi Tabreed, at 21.8%. Simultaneously, Public Investment Fund (PIF) bought 30% stake in Saudi Tabreed in a private placement, subject to completion procedures as per the agreement.
This transaction is unlikely to have a material impact on Tabreed’s existing operations or the rights of its shareholders. |
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Transaction parties |
Tabreed and Al Mutlaq Group |
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Related parties, if any |
Not Applicable |
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Date of signing |
Dec. 14, 2022 |
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Date of execution |
Dec. 14, 2022 |
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Expected closure date |
Dec. 21, 2022 |
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If the listed company is the acquiring party, the following must be fulfilled: 1- Explain how to finance acquisition or lease transaction. 2- Determine the sources of financing the transaction in the case of acquisition or leasing, with clarification of the payment mechanism, if it will be in part or all funded through banks. 3- Determine the date or dates of payment of the amounts owed by the listed company from the acquisition or lease transaction. |
1. Financed from company reserves. 2. Not Applicable 3. Not Applicable
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Expected financial impact on the listed company’s results and financial position |
The transaction will not materially impact the results or financial position of the company (less than 1% impact on both). |
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The fiscal period or quarter in which the transaction’s impact is expected to show |
Q4 2022 |
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Summary of the terms and conditions of the transaction, the rights and obligations of the listed company and its shareholders, and the procedures involved in case any party fails to fulfill the obligations thereof |
Acquisition of additional shares in Saudi Tabreed from Al Mutlaq Group for SAR 55 mln.
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