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Aldar, Sorouh decline in lockstep, release quarterly results
- United Arab Emirates: Wednesday, November 07 - 2012 at 14:07
The ADX General Index gained 0.06% to hit 2,676.40 points. Dana Gas, as the most liquid share and gained 2.44% to reach Dhs0.42 after the Sharjah-based energy firm said it reached an in-principle agreement on the restructuring terms of the $1bn sukuk-al-mudarabah due 31 October 2012 with the Ad Hoc Committee of sukuk holders The Ad Hoc Committee holds a majority of the outstanding Islamic bond. Dana said "$80mn of the Sukuk currently held by the firm will be cancelled and that sukuk holders will receive a partial paydown from the company's balance sheet cash. The remaining sukuk will be reinstated as two pari passu instruments comprising a new ordinary sukuk and a new convertible sukuk which will have revised economic terms." Shares of merger candidates Aldar Properties and Sorouh Real Estate fell both by 2.24% and 2.50%. Aldar reported a 43% year-on-year increase in third quarter profit, amounting to 1 to Dhs205.7m. Sorouh said its Q3 profit rose 55% year-on-year to hit Dhs129.2m.
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Gérard Al-Fil, Financial JournalistWednesday, November 07 - 2012 at 14:07 UAE local time (GMT+4)
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