Tabreed 06 Prospectus - London Stock Exchange

Tabreed Bahrain is setting up its first project (22,000 tons) in the Diplomatic Enclave of
Bahrain, with the upcoming Bahrain World Trade Centre and the Bahrain Financial Harbour as
its anchor customers. It is considering other projects of total potential capacity of over 100,000
tons.
* Tabreed District Cooling Company (‘‘Tabreed Saudi’’)
Tabreed direct shareholding 25%
Tabreed’s partners in Saudi Arabia are ACWA Power (Arabian Company for Water and Power
Development), owned by the A. Abunayyan group (holding 60%), and the Rusd Company of
Jeddah (holding 15%). Both groups are well-established business houses in the country.
Tabreed Saudi was set up in 2005 and is currently exploring initial project opportunities.
Apart from these three companies, Tabreed has set up Tabreed Holdings WLL (in Bahrain) and
Tabreed LLC Oman, both as wholly owned subsidiaries. Both the companies are in early stages
of development, with no significant commercial activities to date.
UAE companies
* Summit District Cooling Company (‘‘SDCC’’)
Tabreed direct shareholding 51%
SDCC is a subsidiary company set up in equity partnership with Sumitomo in 2004 to
implement and operate an 11,000 ton project for the UAF GHQ.
* Industrial City Cooling Company (‘‘ICCC’’)
Tabreed direct shareholding 20%
ICCC was formed in 2004 by Tabreed and the Abu Dhabi Investment Company (‘‘ADIC’’)
(holding 20% and 80% of the equity, respectively) to own and operate two plants of 9,700 tons
that were originally set up by Tabreed for the General Industrial City, Abu Dhabi. In 2005,
Oasis International Leasing Company purchased a portion of ADIC’s shareholding.
* National Central Cooling Company Ras Al Khaimah (‘‘Tabreed RAK’’)
Tabreed shareholding 100% (40% through Gulf Energy Systems)
Tabreed RAK is a wholly-owned subsidiary of Tabreed that owns and operates a 2,500 ton
plant in Ras Al Khaimah.
Other subsidiaries / joint venture
SNC Lavalin Gulf Contractors (‘‘SLGC’’)
SLGC was set up in 2004 as a joint venture between Tabreed and SNC Lavalin. Despite the
shareholding of Tabreed in SLGC, SLGC is an independent EPC contractor and Tabreed does not
have management control over it. SLGC provides design and construction services to Tabreed for its
district cooling projects. SLGC is managed by SNC Lavalin International. The terms on which
Tabreed and SLGC contract are negotiated on a project-by-project basis, thereby maintaining an
arms length relationship between the parties. SLGC are usually contracted to build the plants for the
cooling projects but do not provide or install the distribution systems.
Major Shareholders
Tabreed’s current authorised and issued share capital is AED 1 billion. Tabreed is listed on the DFM
and has a wide shareholder base, with the largest single shareholding being 7.38% as at 31 May 2006.
Its shareholders include government bodies and investment institutions, private offices of high net
worth individuals, overseas investors and the public.
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