Tuesday 16 July 2019

Dr Patrick Allman-Ward

Dana Gas completes sukuk refinance

SHARJAH, August 14, 2018

Dana Gas, the Middle East’s largest regional private sector natural gas company, said that the issue of its new Sukuk has been completed and is now listed on Euronext Dublin (previously known as “Irish Stock Exchange”).

All legal proceedings have now been completely brought to an end by the parties to the Sukuk litigation in all jurisdictions.  The discontinuance in both the UK and UAE courts was agreed by all the parties following the consensual agreement to restructure the Sukuk reached in May 2018 which received overwhelming approval from both Sukuk holders and Dana Gas Shareholders.

The company has paid $235 million on redemptions, profit payments and early participation fees. The size of new Sukuk is reduced to $530 million. It will have a three-year life, maturing in October 2020 and a new profit rate of 4 per cent per annum. The reduced size of the instrument, relaxed dividend covenants and a lower profit will reduce Company’s annual finance cost by $35 million per annum or 63 per cent and provides a strong improvement to the Company’s financial position and support for the Company’s planned annual dividend policy.

Dr Patrick Allman-Ward, CEO Dana Gas, said: “We are pleased to have completed the issuance and listing of our new Sukuk. The new sukuk represents a fair consensual deal for the benefit of all our stakeholders.

“It is a ringing endorsement that the overwhelming majority of Sukuk holders chose to remain invested with the company. The company can now move forward with its exploration and development plans to evaluate and develop its world-class portfolio of assets, both in the Kurdistan Region of Iraq and Egypt.” – TradeArabia News Service

Tags: Dana Gas | sukuk |

More Industry, Logistics & Shipping Stories

calendarCalendar of Events