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Dana Gas repurchases $99m sukuk; to cancel later

Dana Gas repurchases $99m sukuk; to cancel later
This cancellation would bring the total outstanding of Nile Delta sukuk certificates to around $431 million
Dana Gas
DANA
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Abu-Dhabi - Mubasher: Dana Gas on Monday announced that it has bought back $99 million of 4% Nile Delta sukuk certificates this month.

The repurchased sukuk will be delivered to Bank of New York Mellon, which is the principal paying agent of the deal, in due course to be cancelled, the UAE-based energy producer said in a statement to the Abu Dhabi Securities Exchange (ADX).

This cancellation would bring the total outstanding of Nile Delta sukuk certificates to around $431 million, Dana added.

“Following the sukuk settlement on 13th August 2018, [Dana Gas] has perfected all securities per the terms and conditions of sukuk and all relevant post-closing formalities in relation to the sukuk are now fully completed,” according to the statement.

Earlier this month, the Abu Dhabi-listed gas producer announced it had received a further AED 218 million ($59.5 million) dividend payment from its joint venture Pearl Petroleum in the Kurdistan Region of Iraq (KRI).

Accordingly, the total dividends received from the KRI reached AED 439 million ($119.7 million) year-to-date.