The Public Investment Fund acquires 30% of Saudi Tabreed.

The UAE’s National Central Cooling Company – “Tabreed” said that the Saudi Public Investment Fund recently acquired a 30% stake in the “Saudi Tabreed” company through a private placement of shares.

Tabreed added, in a statement on the Dubai Financial Market, today, Wednesday, that it had acquired additional shares in Saudi Tabreed from Al Mutlaq Industrial Investments Group, at a value of 54.6 million riyals.

She explained that the deal is subject to duly approved procedures in accordance with the concluded agreement.

The Emirati “Tabreed” indicated that it aims from the deal to consolidate the current “Tabreed” stakes in “Saudi Tabreed”, the provider of Saudi district cooling services, by 21.8%.

Tabreed stated that it will soon announce the details of the recent acquisition, confirming its commitment to the disclosure and transparency requirements of the Securities and Commodities Authority and the Dubai Financial Market, and that all disclosures related to all material transactions will take place in the market upon completion.

Bloomberg had reported that the Saudi Public Investment Fund had entered into talks to buy a stake in the Saudi “Tabreed” company, a subsidiary of the Emirati “Tabreed”, for $250 million.

The Emirati company “Tabreed” owns a 28% stake in Saudi “Tabreed”, in addition to other shareholders such as Vision Invest, Al-Mutlaq Group and an infrastructure fund affiliated with the Islamic Development Bank.

The Tabreed unit in Saudi Arabia has agreements to provide cooling services for projects belonging to the Saudi Public Investment Fund, such as the Red Sea and Qiddiya projects.