Dana Gas buys back $5m sukuk; to cancel later

Dana Gas buys back $5m sukuk; to cancel later
Dana Gas
DANA
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Abu Dhabi – Mubasher: Dana Gas on Monday announced that it had bought back sukuk worth $5 million issued by its affiliated company, Nile Delta Sukuk.

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 $399 million, Dana added.

During the first nine months of 2018, Dana’s profit plunged 67% year-on-year to AED 149 million, compared to AED 458 million in the year-ago period.  

By the end of Monday’s session, Dana Gas’ stock fell 0.52% to AED 0.95.