Gulf Oil and Gas accountACCOUNT

Dana Gas Successfully Completes Sukuk Refinancing

Source: 8/14/2018, Location: Middle East

Dana Gas PJSC, the Middle East's largest regional private sector natural gas company, has announced 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 Sukukholders 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 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% 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, commented: "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 Sukukholders 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."

Financials and Investment News in United Arab Emirates >>

Russia >>  1/16/2019 - Rosneft Deutschland GmbH, a Rosneft subsidiary, started direct marketing operations in order to increase the efficiency. The company implemented mark...
Indonesia >>  1/13/2019 - Indonesian oil and gas group Medco Energi Internasional said it could offer 340 million pounds ($436 million) in cash for London-listed Ophir , which ...

United States >>  1/11/2019 - Tidewater Inc. (TDW) announced that due to the closing of executive departments and agencies of the U.S. Federal government, including the Securities ...
Egypt >>  1/7/2019 - Egypt will implement an automatic price indexation mechanism on 95 octane gasoline starting in April which will limit price changes to 10 percent, Pet...

Libya >>  12/28/2018 - National Oil Corporation (NOC) declares that November income from sales of crude oil, derived products, and taxes and royalties received from concessi...
Oman >>  12/23/2018 - The Arab Petroleum Investments Corporation (Apicorp), a multilateral development bank, has announced a $100 million investment as part of a consortium...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

United Arab Emirates Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

More News

Related Links

Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.