Abu Dhabi - Mubasher: Dana Gas has announced that its offer to restructure and refinance $700 million contested sukuk was approved by 96.7% of the sukukholders.

“We are extremely pleased to have received consent from an overwhelming majority of Sukuk certificate holders, thus confirming the company's belief that the proposed terms of the deal were fair and in the best interests of all,” Dana’s CEO Patrick Allman-Ward commented.

The Abu Dhabi-based gas company refused to redeem $700 million sukuk Al-Mudarabah, maintaining that were not sharia-compliant, which started a legal dispute in the UK and the UAE courts.

In May, Dana Gas stated that it reached an agreement with the ad-hoc committee of sukukholders over the terms and conditions of the restructuring and refinancing of its $700 million Sukuk Al-Mudarabah.

The energy giant’s CEO had previously described the agreement as a “good deal” during an interview with Bloomberg TV.