Dana investor optimistic on $920m repayment
Dubai, September 18, 2012
Crescent Petroleum, a key shareholder in Dana Gas, is optimistic that the Sharjah-based natural gas producer can meet repayment of its $920 million convertible Islamic bond in October, Crescent's president said on Tuesday.
Abu Dhabi-listed Dana is also in talks with the Government of Egypt to recover delayed receivables from its operations in the North African country, Badr Jafar, Crescent's president, told reporters on the sidelines of an event in Dubai.
"As a shareholder... I believe there are discussions ongoing with the ministry for scheduled payments to recover the receivables," Jafar told reporters on the sidelines of an event in Dubai.
"I'm optimistic and have a lot of faith in the professionalism and savvy of the management and board to reach a comfortable resolution with the bondholders and investors alike," he added.
Dana was owed Dh729 million ($198.5 million) in Egypt as at June 30, 2012, according to its half-year results. They received Dh431 million from Egypt during the first six months of the year.
Crescent owns 20.1 per cent of Dana Gas, according to Thomson Reuters data.
Dana, which owns a three-percent stake in Hungarian group MOL , has so far provided no details on how it plans to meet the upcoming Islamic bond maturity.
The natural gas producer had appointed Blackstone Group and Deutsche Bank as advisers to help it weigh options for the sukuk and said it was committed to finding a consensual solution.
Dana started facing problems last year after anti-government protests in countries such as Egypt led to payment delays from government entities. It has also faced payment issues in Iraq's Kurdistan region.
The company had cash balance of Dh601 million as of June 30, 2012, it said in August.-Reuters
More Finance & Capital Market Stories
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast