EM CEEMEA CREDIT: TABRED: Possible acquisition?
Mar-10 08:30By: Makeem Asif
TABRED+ 1
Tabreed (Tabred: Baa3/-/BBB)
“*ABU DHABI'S MULTIPLY IS SAID TO CONSIDER SELLING COOLING UNIT” -BBG
- Multiply group looking to sell their PAL Cooling Holding business and have hired Standard Chartered for the sale process according to Bloomberg. We think the acquisition would be neutral for Tabreed credit spreads depending on the purchase price.
- PAL has 6 cooling plants and installed capacity of 139,000RT. In FY 24 Rev’s for PAL were AED318mn. Previously Empower purchased Dubai district cooling system for AED1.1bn which has total cooling capacity of 110kRT and purchased 110k cooling capacity from Nakheel for AED890mn in 2021. In 2020 Tabreed purchased two cooling plants from Aldar for AED963mn.
- Earlier in March Tabreed raised USD700mn, proceeds for green projects including “acquiring and operating District Cooling schemes”.
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