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Dana Gas soars, says talks with sukuk-holders progress
- United Arab Emirates: Tuesday, November 06 - 2012 at 13:52
Trading action in Abu Dhabi was once again dominated by energy firm Dana Gas, which jumped 5% in value to close at Dhs0.42. Earlier in the day, Dana Gas said that talks with sukuk-holders were progressing positively and that negotiations on a necessary standstill and lock-up agreement on an Dhs3.37bn ($919m) Islamic bond (sukuk) whose duration ended last Wednesday will conclude soon. On October 31, when Dana Gas's Islamic bond at Dhs3.37bn ($919m) par value expired, the firm missed the deadline to settle the face value plus the accrued profit. Consequently, the firm entered into negotiations to amend and extend the sukuk. Dana Gas was the most liquid share on Tuesday. The ADX General Index closed 0.32% higher at 2,671.32 points amid slightly rising trading turnover. Merger candidates Adar Properties and Sorouh Real Estate fell in lockstep, finishing off 0.74% at Dhs1.34.
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Gérard Al-Fil, Financial JournalistTuesday, November 06 - 2012 at 13:52 UAE local time (GMT+4)
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