Text size:

  • Small
  • Normal
  • Large

Dana Gas moves to take heat out of $1 billion debt fears

Markets Update: Dana Gas recovered from a two-day slump after the UAE gas explorer and producer said it will honour obligations related to a $1 billion sukuk.

Dana Gas shares recovered on today after the UAE gas explorer and producer said it will honour obligations related to a $1 billion sukuk due in October.

Dana jumped 5.8 per cent in mid day trading on the Abu Dhabi Securities Exchange to 36 fils. The shares declined by more than 15 per cent† on Sunday and Monday amid investor worries.

"Dana Gas over the last four years has timely and consistently paid on or before the due date the sukuk profit amount and will continue to do so pursuant with its obligations," the company said in a statement to the Abu Dhabi Securities Exchange.

"Dana has been proactive in taking the initiative to mandate advisors including an international financial advisor and will update the market with its plans in good time and due course."

Egypt, which has experienced slower economic growth since the ouster of Hosni Mubarak from the presidency last February, owes Dana Gas about $200 million from natural gas sales.

Dana Gas is in "discussions with the Egyptian Government covering the delayed payments due from government owned entities owing to the unrest in that country over the past year."

The ADX General Index declined 0.4 per cent to 2315.35 points, while the DFM General Index added 0.3 per cent to 1305.50 points.

Elsewhere in the region, Kuwaitís index added 0.3 per cent to 5782.90 points. Bahrainís measure was little changed at 1142.36 points. Omanís MSM 30 Index was little changed at 5633.12 points. Qatarís QE Index declined 0.2 per cent to 8618.65 points. The Saudi Tadawul All-Share Index lost 0.3 per cent to 6397.95 points.

Back to the top

More articles


Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Above, the private pool of Ocean Heights' five-bedroom penthouse flat. Courtesy Christie’s International Real Estate

In pictures: Penthouse flat is height of Dubai luxury living

A five-bedroom penthouse in Ocean Heights in Dubai Marina is on sale for Dh25 million and comes with a private pool and an unparalleled view of Dubai.

 The cooling towers of the Temelin nuclear power plant near the Tyn nad Vltavou in Czech Republic. The country wants to continue expanding nuclear energy capacity despite cancelling a tender to build two new units. David W Cerny / Reuters

In pictures: Best business images for the week to April 17, 2014

Here are some of the best business images for the week to April 17, 2014.

 A sign points the way to an outdoor market popular with German visitors on the Polish side of the German-Polish border. Sean Gallup / Getty Images

In pictures: A decade since the European Union went east

May 1 will mark 10 years since the European Union expanded east, taking in countries like Poland, the Czech Republic and the Baltic states as new members. And though the border region between Germany and Poland is flourishing with trade and cultural exchange, the open border has also brought a sharp rise in crime.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National