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Dana Holds Talks to Amend $1 Billion Sukuk Terms


01 Nov 2012 08:24 GMT   التعليقات ()       إضافة تعليق       طباعة       إرسال لصديق


Dana Gas PJSC (DANA) said it's in talks with creditors to extend and amend the terms of about $1 billion in sukuk that matured yesterday as the United Arab Emirates fuel producer's third-quarter profit dropped 27 percent.

The company, based in the U.A.E. emirate of Sharjah, hasn't paid the principal amount of $920 million or the accrued profit of $18.75 million, it said in a statement to the Abu Dhabi bourse today. The shares, which plunged 8.9 percent yesterday, gained 2.4 percent to 42 fils at 10:53 a.m. in the emirate.

The company's 7.5 percent Shariah-compliant notes slumped this year, missing a rally in regional sukuk, after political upheaval in Egypt and Iraq's Kurdish region, the gas producer's main sources of revenue, led to payment delays and triggered a funding shortage. Net income dropped to 104 million dirhams ($28 million) from 143 million dirhams a year earlier, missing the 164 million-dirham estimate of EFG-Hermes Holding SAE, according to data compiled by Bloomberg.


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