Dana Gas 'in talks on sukuk maturity'
Dubai, October 31, 2012
Dana Gas has been in discussions with holders of its $920 million Islamic bond maturing October 31 on a restructuring of the sukuk, the company said in a brief statement on Wednesday.
"Dana Gas confirms...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," it said without elaborating on how the talks had proceeded.
Reuters reported on Tuesday, citing sources familiar with the matter, that Dana Gas was set to become the first United Arab Emirates company to fail to repay an Islamic bond on maturity. - Reuters
More Finance & Capital Market Stories
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade