GIB capital advises Saudi Tabreed on the investment by IDB infrastructure fund II

FundIIGIB Capital, the investment banking subsidiary of Gulf International Bank (GIB), has advised Saudi Tabreed District Cooling Company on the private placement of a significant minority stake in Saudi Tabreed to IDB Infrastructure Fund II

The fund is a US$750mn investment fund, managed by ASMA Capital Partners and regulated by the Central Bank of Bahrain. The transaction was completed in April 2018.

The sponsors of the fund are the Islamic Development Bank (IDB), the Public Investment Fund of the kingdom of Saudi Arabia (PIF), the Public Pension Agency of the kingdom of Saudi Arabia (PPA), the Ministry of Finance of the Kingdom of Bahrain and the Ministry of Finance of the Sultanate of Brunei Darussalam.

The Fund invests in infrastructure sectors across the 57 member countries of the IDB and the member countries of the Association of South East Asian Nations (ASEAN).

Based in Al-Khobar, Saudi Tabreed is one of the leading district cooling scheme developers in Saudi Arabia. Its shareholders comprise ACWA Holding, National Central Cooling Company (Tabreed UAE), Almutlaq Group and LAMA Holding.

Saudi Tabreed develops and invests in district cooling schemes, providing long-term contracts for the supply of cooling to a range of customers. At present, the company has invested in and developed district cooling plants for King Khalid International Airport, Jabal Omar Development Company and Saudi Aramco. The Company also has an operations and maintenance contract for the district cooling plant at King Abdullah Financial District.

Commenting on the transaction, Osamah M Shaker, CEO of GIB Capital, stated, “We are pleased to have assisted Saudi Tabreed, the leader in the district cooling sector in Saudi Arabia, on the placement of its equity to IDB Infrastructure Fund II.”

Over the last several years, GIB Capital has successfully completed a number of private placement transactions totalling about US$1.75bn for various institutions and has introduced offerings to the Saudi capital markets of more than US$5bn.

GIB Capital was established in 2008 as a fully-owned subsidiary of GIB to carry out investment activities within Saudi Arabia and is duly authorised by the CMA. It provides a range of financial products and services including asset management, IPOs, private equity placement, mergers and acquisitions, Sukuk/bond issues and debt advisory.

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