A Dana Gas gas facility in Egypt. The gas company has received an additional $44.3m payment from Egypt. Wam
A Dana Gas gas facility in Egypt. The gas company has received an additional $44.3m payment from Egypt. Wam

Dana Gas issues new sukuk, drawing earlier dispute to a close



Dana Gas, the Sharjah energy company previously embroiled in a $700 million (Dh2.57 billion) sukuk dispute, has completed refinancing the Islamic bond instrument, which has been sized down to $530m.

The issuance of the debt instrument had been completed and listed on the Euronext Dublin, previously known as the Irish Stock Exchange, Dana Gas said in a statement on Tuesday.

The Abu Dhabi-listed company, which reached an agreement in May with its debt holders, including Blackrock, the world's largest asset manager, said it had paid $235m in redemptions, profit payments and early participation fees bringing an end to its legal  battle.

The new sukuk represented a "a fair consensual deal" for all sukuk holders, Dana Gas chief executive Patrick Allman-Ward said.

"The company can now move forward with its exploration and development plans to evaluate and develop its world-class portfolio of assets, both in the Kurdistan Region of Iraq and Egypt," he said.

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Read more:

Dana Gas receives $44m in dividends from Kurdistan operations in H1 2018

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The new sukuk will have a three-year life, maturing in October 2020, with a new profit rate of 4 per cent per annum, Dana Gas said in its statement.

The pared-down instrument, relaxed dividend covenants as well as lower profit rate are expected to reduce the company’s annual finance cost by $35m annually, translating into 63 per cent reduction in annual finance cost.

The reduction would provide a “strong improvement” to the firm’s financial position and planned dividend policy.

Legal proceedings in courts in the UK and UAE have been brought to an end by all parties, said Dana Gas.

In June, the company secured the approval of the majority of its shareholders to move ahead with its sukuk restructure programme.

Last month, Dana Gas received about $44m in dividends from Kurdistan Region of Iraq for the first half of the year and expected its output from operations there to rise by 25 per cent in the third quarter.

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

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Series result

1st ODI Zimbabwe won by 6 wickets

2nd ODI Sri Lanka won by 7 wickets

3rd ODI Sri Lanka won by 8 wickets

4th ODI Zimbabwe won by 4 wickets

5th ODI Zimbabwe won by 3 wickets

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Started: July 2016

Founders: Mukesh Bansal and Ankit Nagori

Based: Bangalore, India

Sector: Health & wellness

Size: 500 employees

Investment: $250 million

Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)

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Specs

Price, base: Dhs850,000
Engine: 3.9-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 591bhp @ 7,500rpm
Torque: 760Nm @ 3,000rpm
Fuel economy, combined: 11.3L / 100km

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 3/5

Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Our family matters legal consultant

 

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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5pm: Maiden (PA) Dh 80,000 1,400m

National selection: AF Mohanak

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7.30pm: Maiden (PA) Dh 80,000 2.200m

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The Bio

Favourite place in UAE: Al Rams pearling village

What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft

Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans

Best time to swim in the sea: When there is enough light to see beneath the surface

The specs: Hyundai Ionic Hybrid

Price, base: Dh117,000 (estimate)

Engine: 1.6L four-cylinder, with 1.56kWh battery

Transmission: Six-speed automatic

Power: 105hp (engine), plus 43.5hp (battery)

Torque: 147Nm (engine), plus 170Nm (battery)

Fuel economy, combined: 3.4L / 100km

COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine


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