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Dana Gas dives, denies reports that sukukholders took enforcement actions
- United Arab Emirates: Monday, November 05 - 2012 at 16:21
The Abu Dhabi market measure ADXGI fell by a quarter percentage point to 2,662.76 points. Shares of Dana Gas moved once again into the investors' focus. Dana Gas was the most active share by volume and lost 2.44% to hit Dhs0.41. Earlier in the day, the Sharjah-based energy firm said its has no knowledge that its sukukholders took enforcement actions against the company with reference to recent media reports. Dana Gas added that "discussions with the adhoc committee of sukukholders continue to progress constructively." Last Wednesday, when an Islamic bond at Dhs3.37bn ($919m) par value expired, Dana Gas missed to pay back the face value plus the accrued profit and said it entered negotiations to amend and extend the sukuk. "Dana Gas remains committed to finding a consensual solution that is fair and equitable to all stakeholders and will make further announcements in line with the progress of discussions," the firm said. The Company is being advised by Blackstone Group, Deutsche Bank, and Latham & Watkins.
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Gérard Al-Fil, Financial JournalistMonday, November 05 - 2012 at 16:21 UAE local time (GMT+4)
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