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Dana Gas to trim sukuk by October 2019 - IR head

Dana Gas to trim sukuk by October 2019 - IR head
Dana Gas to trim sukuk by October 2019
Dana Gas
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By: Mahmoud Gamal

Abu Dhabi – Mubasher: Dana Gas now has to reduce the value of its sukuk to $397 million by October 2019, the company’s head of investor relations told Mubasher on Monday.

This plan comes as part of its deal with sukuk holders, Mohammmed Mubaideen noted, indicating that this reduction would stop Dana’s murabaha from rising to 6% from 4%.

Earlier on Monday, Dana Gas announced repurchasing $99 million of its sukuk and reducing the value of its current sukuk to $431 million from $530 million.

Dana’s repurchased sukuk will be delivered to Bank of New York Mellon, the principal paying agent, in due course to be cancelled, the energy firm explained in a bourse filing.

Repurchasing the sukuk reduces financing costs from $56 million to less than $20 million per annum, Mubaideen told Mubasher via phone.

In August, Dana repaid $235 million as part of its sukuk restructure programme. The sum covered restructuring costs, dividends on the sukuk, and reduced the value of the sukuk.

Earlier in October, Abu Dhabi-listed Dana said received an additional sum of AED 218 million ($59.5 million) as dividend payment from its joint venture Pearl Petroleum in the Kurdistan Region of Iraq (KRI), bringing the total dividends from the KRI to AED 439 million ($119.7 million) year-to-date.


Translated by: Nada Adel Sobhi