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Dana Gas dives over eight percent, reacts to reports on sukuk standstill with statement
- United Arab Emirates: Wednesday, October 31 - 2012 at 15:42
The ADX General Index ended flat for the second consecutive day, closing at 2,672.43 points Wednesday. Shares of Arkan Building Material gained 2.74%, reaching Dhs0.75 (year-to-date, Arkan lost a quarter of its value). Earlier in the day, Arkan reported a profit for the third quarter of Dhs16.16m, up from 2.7m in Q3 2011. The nine-month profit surged to Dhs41.5m, up from Dhs23.57m in the same period last year. Shares of Dana Gas posted the largest drop, closing down 8.90% at Dhs0.41. Dana Gas reacted to news reported by news agency Reuters that the Sharjah-based firm will not settle a Dhs3.37bn ($919m) Islamic bond which is due today, saying in a statement to the ADX that "Dana Gas would like to provide clarification regarding the media reports regarding the Islamic Sukuk which matures today. Dana Gas confirms - as previously reported - that it has been engaged in discussions with the Ad-Hoc Committee of Sukuk Certificate holders to reach a consensual solution to the restructuring of the Sukuk, which it believes to be in the best interests of all stakeholders." The firm added that "The Company will update the market as soon as it is appropriate and in accordance with ADX regulations." Dana Gas did not mention if there was a standstill agreement with the creditor banks.
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Gérard Al-Fil, Financial JournalistWednesday, October 31 - 2012 at 15:42 UAE local time (GMT+4)
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