Sharjah-based Dana Gas has announced that it has issued a down sized new Sukuk that is listed on Euronext Dublin that the company hopes can put behind the dispute it has been embroiled in for a while.
Dana Gas said in a statement that all legal proceedings have now been completely brought to an end by the parties to the Sukuk litigation in all jurisdictions. The discontinuance in both the UK and UAE courts was agreed by all the parties following the consensual agreement to restructure the Sukuk reached in May 2018 which received overwhelming approval from both Sukukholders and Dana Gas Shareholders.
The gas company has paid US$235 million on redemptions, profit payments and early participation fees. The size of new Sukuk is reduced to $530 million. It will have a three-year life, maturing in October 2020.
Dr Patrick Allman-Ward, CEO Dana Gas, commented: "We are pleased to have completed the issuance and listing of our new Sukuk. The new sukuk represents a fair consensual deal for the benefit of all our stakeholders. It is a ringing endorsement that the overwhelming majority of Sukukholders chose to remain invested with the Company. 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."