Abu Dhabi – Mubasher: The ordinary general meeting (OGM) of Dana Gas has approved a share buyback programme and a plan pertaining to the Employees’ Incentive Scheme.

The two programmes are awaiting approval by the Securities and Commodities Authority (SCA), Dana said in a bourse filing on Sunday.

Shareholders also approved the company’s financial statements, and profit and loss accounts for 2016, as well as the auditor’s report for the year.

In a separate statement, Dana said its board convened on Thursday and “took note of a report on the progress of the hearings of damages claims in the arbitration proceedings brought by the company and its partners.”

The firm’s board discussed means to “expedite” the realisation of the awards and judgments obtained.

The board also discussed a sukuk restructuring scheme and “the continued accumulation of receivables in Egypt as well as the severe constraints it imposed on liquidity and funding” of the company’s activities at present and in the near future, according to the statement.

Dana had previously reported AED 26 million in profits for 2016, down 94.7% from figures reported a year earlier.