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'We are pleased to announce that there is a new emphasis on profitability and shareholder returns. The new business model will allow Tabreed to fund its growth while providing increased shareholder value,' said Khadem Al Qubaisi, Tabreed Chairman.
'With the formation of a new holding company, Tabreed will remain as the manager and operator of the transferred assets,' he added.
The company's board approved the major plan after commissioning a major study by Booz & Company Inc. The study has resulted in several strategies that will enable Tabreed to reduce long term debt, avoid raising additional shareholder equity and increase the return on equity going forward.
'Through this new business model, we are now more focused on increasing the investments of our shareholders and improving the company's profits. Tabreed is always in the process of a continued corporate evolution maturing into a more responsive as well as progressive public company,'
concluded Al Qubaisi.
Tabreed, now in its tenth year of operation, has recently launched a Shari'a compliant offering mandatory convertible trust certificates, which will be exchangeable into ordinary shares of Tabreed at maturity. The company offered the certificates to investors in the Middle East as well as other jurisdictions including Europe and Asia.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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