خبر خاص عن تبريد

As many of you know, today (8th March) Tabreed announced its year-end results for 2009. We also announced the results of a ‘strategic review’ – and I wanted to explain both of these important announcements to all Tabreed employees.

Your new management team undertook the review last year to completely understand every aspect of the company – AND to prepare the company for the future. Given the difficult economic climate we find ourselves in now, this review was vital for planning the company’s future. The results revealed the need to declare an impairment (a non-cash loss) and the need to start a recapitalization program (raise new money for the company’s long-term future). Yesterday the Tabreed Board of Directors approved the plan to recapitalize, and over the next several months we will be busy working on this program.

Please understand that despite the impairment and need to recapitalize announced today, it is ‘business-as-usual’ at Tabreed. We will continue to pay employees, our suppliers and the banks, and all our customers will continue to receive chilled water from Tabreed. We will continue to work on new projects and seek new customers. Our 36 plants will continue to keep our customers comfortable from the nearly 400,000 TR we supply.

We have also arranged a ‘bridge loan’ from Mubadala to fund Tabreed for the remainder of this year while we work on the recapitalization program.
Remember that our core business of ‘chilled water’ is very strong – the revenue grew 29 % in 2009 over 2008 results. We have a further 13 new plants under construction and planned to come online for this year.

Please don’t hesitate to speak to your Department Director or to me directly if you have any questions around the strategic review or recapitalization program. I assure you that your management team is working in the best interests of the company. I would like to personally thank each and every one of you for your continued hard work and support over the next several busy months.

Sincerely,

___________________________________

Sujit S. PARHAR
Chief Executive Officer
National Central Cooling Co. (PJSC) – Tabreed
Abu Dhabi Mall, West Tower, 13th Floor
P.O. Box 29478, Abu Dhabi, U.A.E.
Tel: +971-2-6455007; Ext:
Fax: +971-2-6455008
Email: