Mubadala Development increases stake in Tabreed

Abu Dhabi's Mubadala Development has increased its stake in district cooling firm Tabreed following the completion of a tender offer of shares to repay an Islamic bond due this month, Tabreed said on Sunday. Mubadala and its wholly-owned subsidiary General Investments now hold a majority 26.1 per cent stake in Tabreed. In a statement posted on the Dubai Financial Market, Tabreed said it has completed an issuance of 415.68 million shares to repay the Dh1.7 billion ($463 million) convertible Islamic bond, or sukuk.  With the conversion of the Islamic trust certificates into shares, Mubadala now has a 14.8 per cent stake in the firm while General Investments holds an 11.29 per cent stake in Tabreed.