Browse
related articles
Dana Gas regains value on sukuk statement
- United Arab Emirates: Thursday, November 01 - 2012 at 15:25
The Abu Dhabi market measure ADXGI added insignificantly, closing 0.04% higher at 2,673.44 points. Shares of Sharjah-based Dana Gas jumped 2.44% to reach Dhs.042. A day after the pay-day for a Dhs3.37bn ($919m) sukuk passed Dana Gas said in a statement that its 9-month profit increased 37% year-on-year. In addition, Dana said on the sukuk has not paid the principal amount of $920m due on 31 October 2012 and the accrued profit amount of $18.75m due on 30 October 2012 as they are the subject of the discussions (with sukuk holders to amend and extend the Islamic bond). Until this date, the Company has consistently honoured its payment obligations. To date, $356m has been paid to Sukuk holders over the last 5 years." Payment delays in Egypt and in Kurdistan, where Dana Gas runs projects, have forced the firm to delay the Islamic bond's settlement. However, Dana said "The Egyptian Government in particular made significant efforts to address the backlog of payments due to Dana Gas PJSC. In the meantime, operations continue as normal and unabated."
Related Content
Article Options
Gérard Al-Fil, Financial JournalistThursday, November 01 - 2012 at 15:25 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / 4C.
Disclaimer »
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AMEinfo.com Web site does not constitute advice or a recommendation by AME Info FZ LLC / 4C and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AMEinfo.com Web site.
AME Info FZ LLC / 4C can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AMEinfo.com Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / 4C.
In no event shall AME Info FZ LLC / 4C be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AMEinfo.com Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.
