Tabreed 06 Prospectus - London Stock Exchange

The following table sets out the shareholders of Tabreed with shareholdings in excess of 1.00% (as at
31 May 2006):
Name
Shareholding
% (rounded)
General Pension Fund and Social Security Authority ............................................................ 7.38
UAE Offsets Group (General Investment FZE) ..................................................................... 5.92
Abdul Raouf Waleed Abdel Raouf Al Bitar........................................................................... 4.14
Abu Dhabi Investment Company............................................................................................ 3.48
Sheikh Moh’d Bin Sultan Bin Suroor Al Dhaheri .................................................................. 3.16
National Bank of Abu Dhabi Trading Fund .......................................................................... 1.25
Abu Dhabi Refreshment Co (inheritors of Sheikh Sultan Bin Suroor Al Dhaheri)............... 1.00
Others....................................................................................................................................... 73.67
Total......................................................................................................................................... 100.00
The Memorandum of Association of the Company stipulates (a) a ceiling of 49% for expatriate
shareholding, (the maximum allowable under the current law) and (b) a 20% limit on holding by a
single shareholder.
Recent Developments
New Contracts and Project Expenditure Programme
Tabreed has customer contracts for new projects totalling about 250,000 tons with a capital cost of
about AED 1.9 billion, and has identified prospects involving some 40,000 tons capacity involving a
capital cost of approx. AED 300 million. Some of these new contracts establish networks in the heart
of cities that will provide dominant positions for future expansion. Many projects have substantial
subsequent expansion potential.
One example of a new project is the agreement to provide the entire Dubai Metro Project with
district cooling services. A 30-year contract has been awarded to Tabreed, after an in-depth technical
and financial analysis of the offers submitted by several companies.
The contract was drawn up in line with the BOOT (build, own, operate and transfer) system under
which Tabreed would offer centralised cooling to all Metro stations as per international standards so
as to ensure a care-free environment for metro passengers. Tabreed will also offer centralised cooling
to all development projects undertaken along with the 43 metro stations. The stations will initially
require a cooling load of approximately 36,000 tons and, upon completion, the cooling load will peak
at approximately 350,000 tons.
The projects are in various stages of implementation. Some of these are financed under existing
facilities, while the rest are to be financed under the proposed issue of the Certificates and other
potential sources of finance. These are categorised accordingly in the table below:
Plants
Expected
Commissioning
Date
Installed
capacity
(tons)
Capital
cost
(AED mn)
Financed:
AD-04 (under JV with Sumitomo).............................................. Jun 06 11,000 96.5
Sh Zayed Road expansion........................................................... Jun 06 15,000 100.0
Baynunah (6 towers).................................................................... Jun 06 11,250 110.0
DB-03 (mobile chiller based) ....................................................... Jul 06 5,000 10.0
Tabreed 5..................................................................................... Aug 06 22,000 250.0
FUJ-03......................................................................................... Sep 06 5,000 32.0
Total Currently Financed ............................................................. 69,250 598.5
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