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Abu Dhabi market investors hail Dana Gas sukuk refinancing
- United Arab Emirates: Thursday, May 09 - 2013 at 14:23
The Abu Dhabi Securities Exchange (ADX) saw its market index rising by 0.76% to close at 3,369.21 points Thursday, the gauge's highest level since Nov. 4 2008. Dana Gas advanced 3.70% at Dhs0.56. Earlier in the day, the Sharjah-based regional oil and gas firm confirmed that on 8th May 2013 it has completed the refinancing of the $1bn trust certificates (Sukuk-al-Mudarabah) issued by Dana Gas Sukuk Limited. Dana added that this followed the "overwhelming approvals to the refinancing plan received from both sukuk certificate holders and shareholders on 23 April 2013." On Oct. 31 2012 Dana Gas failed to settle the $1bn Sukuk-al-Mudarabah on time. It was the first time a UAE-listed firm failed to do so after payment delays in its operations in Northern Iraq and Egypt occurred. The New Sukuk of $850m ($425m of convertible sukuk and $425m of ordinary Sukuk) have been listed on the Global Exchange Market of the Irish Stock Exchange.
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Gérard Al-Fil, Financial JournalistThursday, May 09 - 2013 at 14:23 UAE local time (GMT+4)
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