Dana Gas’ shareholders OK its $700m sukuk restructuring plan

Dana Gas’ shareholders OK its $700m sukuk restructuring plan
“We are delighted to have received the approval of all key stakeholders"

Abu Dhabi - Mubasher: Dana Gas has announced that all shareholders present or by proxy voted unanimously in favour of the consensual restructuring of its $700 million Sukuk al-Mudarabah at a general assembly meeting held on Thursday.

The current transaction is deemed an optimal and satisfactory solution for this long lasted dispute, the UAE energy giant said in a statement.

“We are delighted to have received the approval of all key stakeholders to complete the restructuring of our Sukuk al-Mudarabah, and to have had overwhelming support from both shareholders and certificateholders,” CEO of Dana Gas Patrick Allman-Ward commented.

Earlier in June, the UAE-based energy producer has announced that its offer to restructure and refinance $700 million contested sukuk was approved by 96.7% of the sukukholders.

“The level of support underlines the consensual nature of the restructuring and the continued support of both sukukholders and shareholders of the company is a testimony to our financial strength and our exciting future growth prospects,” the CEO added.

The dispute between Dana and its sukukholders began when the company refused to redeem $700 million sukuk Al-Mudarabah, maintaining that were not sharia-compliant.