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Dana Gas Set to Finish Debt Accord as Egypt, Iraq Make Payments

31 Mar 2013 07:24 GMT   التعليقات ()       إضافة تعليق       طباعة       إرسال لصديق

Dana Gas PJSC (DANA) said it expects to complete refinancing of Islamic bonds next quarter as the United Arab Emirates fuel producer receives payments from operations in Egypt and Iraq.

The Sharjah, U.A.E.-based company has collected $41.3 million of payments due from Egypt and $32.4 million from the Kurdistan region of Iraq so far in 2013, Dana Gas said in an e- mailed statement today. The gas producer renegotiated terms for $920 million of sukuk last year after payment delays from the two countries, linked to political instability.

"The company is confident of further progress in the collection of receivables in the near future due to its strong relationships in both countries," Dana Gas said in the statement. The company will hold a final shareholders meeting to approve its sukuk refinancing on April 23, it said. Wire External Story From Source: Bloomberg - Read full article here is not responsible for the content of external internet sites


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