In a disclosure letter to Dubai Financial Market (DFM), the National Central Cooling Company (Tabreed), announced that its decision to increase the company's Foreign Ownership Limit (FOL) from 49 percent to 100 percent and the increase of the Individual Ownership Limit from 20 percent to 100 percent will be officially activated as of the close of 23rd December 2022 trading session.
In DFM's trading today, Tabreed share closed higher by 10.14 percent 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.
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 (US$65.4 million) for the first half of the year, an increase of 3 percent compared to a year ago.
News Source: Emirates News Agency