Saudi Arabia’s Public Investment Fund (PIF) has reportedly acquired a 30% stake in Saudi Tabreed, a leading cooling services provider in Saudi Arabia, according to a report in Bloomberg and Reuters.
The acquisition was made through a private placement of shares, according to a bourse filing on Wednesday, Reuters reports.
Bloomberg News reported that the PIF’s stake in Saudi Tabreed could be worth about $250 million.
The company was established in 2006 with the goal of providing reliable and efficient cooling solutions to commercial and residential customers in the region. Saudi Tabreed operates a network of over 20,000 refrigeration tons across the country, serving a wide range of clients including hospitals, malls, schools, and office buildings.
Saudi Arabia’s hot and dry climate makes cooling services an essential requirement for both residential and commercial properties. The demand for cooling solutions in the country has grown significantly in recent years due to rapid urbanization and population growth. As a result, the market for cooling services providers in Saudi Arabia has become highly competitive, with a number of companies vying for a share of the market.
Saudi Tabreed has positioned itself as a leading player in the market by offering a range of high-quality cooling solutions to its customers. The company has a team of experienced and trained technicians who are able to provide a wide range of services including installation, maintenance, and repair of cooling systems.
Saudi Tabreed also offers energy-efficient solutions that help customers reduce their carbon footprint and save money on energy costs.
The company also has in-place long term contracts with Aramco.
