Mubadala COO is Tabreed chair

UAE district cooling firm Tabreed on Thursday appointed the chief operating officer of Abu Dhabi-owned fund Mubadala as its new chairman in a board reshuffle which follows a debt restructuring.

Tabreed said Mubadal's Waleed Al Mokarrab Al Muhairi will be the new chairman, replacing Khadem Al Qubaisi who is stepping down.

Khaled al Qubaisi has been re-appointed as managing director, while three other board members, including Chief Executive Sujit Parhar has stepped down from the board. Parhar will continue to be the CEO for Tabreed.

In February, Tabreed secured a deal with creditors to refinance Dh2.63 billion debt.

The new board members are appointed for the next three years, the statement added.

Earlier in the week, Tabreed posted a 21 per cent drop in quarterly net profit, but said it was confident it would meet its financial obligations amid auditor concerns over its liabilities. 

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