In a major move, the National Central Cooling Company (Tabreed) has boosted the company's foreign ownership limit from 49% to 100%. 

 

In its disclosure letter to Dubai Financial Market (DFM), the district cooling provider has also announced its decision to increase the individual ownership limit from 20% to 100%. However it will be officially activated as of the close of December 23 trading session.

 

In DFM's trading today, Tabreed share closed higher by 10.14% at AED3.15 following trading of 7.5 million shares at a value of AED22.29 million in 321 deals.

 

Tabreed share came third as the most active by values, and ranked fifth in the list of the most active by volume, said the company in its filing.

 

In September, Tabreed shareholders gave a go-ahead to remove the limit of shares that foreigners can invest in.

 

The company reported a net profit of AED240.4 million ($65.4 million) for the first half of the year, up 3% over last year, it added.-TradeArabia News Service