Abu Dhabi – Mubasher: Dana Gas issued the text of the call held on 6 July to provide details of the current situation concerning its Al-Mudarabah sukuk, according to a statement.

The company discussed its current financial position in the context of the ongoing arbitrations with the Kurdistan Regional Government (KRG) and the National Iranian Oil Company (NIOC).

It also addressed the commercial rationale underlying the company’s proposed basis for restructuring the current sukuk, and changes seen in the bond market since 2012/2013.

Dana discussed the legal background to the situation with regard to the current sukuk, and the importance of the legal Sharia-compliant restructuring.

The company also reviewed an outline of the proposed framework of the restructured sukuk and the next steps in the process.