dana gas hires advisers for 920m
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

Dana Gas hires advisers for $920m

Egypt Today, egypt today

Egypt Today, egypt today Dana Gas hires advisers for $920m

Abu Dhabi - Arabstoday

Energy group Dana Gas said it has appointed an international firm to advise on its $920 million (Dh3.38 billion) convertible sukuk maturing in October, adding it would continue to meet its obligations. Dana Gas, whose share price has been battered by concerns about how it will deal with the sukuk, said yesterday it would update the market with its plans in due course. The company said it may also list its sukuk in London to gain a wider investor base and boost its stock value. "The sukuk is a particular focus area for us and the board has been considering a London listing to lift the company's share price which has been hurt by political unrest in the Middle East and North Africa," said CEO Ahmad Al Arbeed said. "The company is in the process of having an adviser in place for a liability management programme to have the most effective way of handling its sukuk. "We look forward to update the market further when we announce our preliminary financial results on January 31," he said. According to Waddah Taha, a financial and market analyst at Zarouni Group, the company is qualified to issue bonds. Its total assets in the third quarter stood at Dh11.87 billion, out of these Dh9.65 billion are non-current or long-term assets, he said. Long-term assets "The long-term assets are 81.4 per cent and the debt ratio based on total liabilities, which is estimated at Dh3.9 billion, is 32.8 per cent, which is very low and controllable," he said. "By adding the Dh3.67 billion of bonds to the Dh3.9 billion, the total liabilities will rise to Dh15.54 billion, leading to an increase in its debt ratio to 49 per cent which is also controllable and not risky." The company's statement yesterday came almost two weeks after a January 4 board meeting which included financing options on its agenda, following which the company only issued a brief note saying the board had met. "Investors were expecting to hear [after the meeting] how Dana will deal with its 2012 maturity, but nothing came out of the meeting and that uncertainty has seen the sudden and pronounced drop in the bond," said Thomas Christie, fixed income trader at Rasmala Investment Bank. Dana Gas has a three per cent stake in Hungarian group MOL, worth around 55.2 billion forints ($225 million). Potential sales of businesses in Egypt and Kurdistan are also fraught with political risk, which would hit the price. Dana Gas's chief executive told Reuters in September the company was owed around $200 million by Egypt. It said yesterday it was continuing to have "constructive discussions" with the government over delayed payments from state-owned entities in the country. Dana, which saw its thirdquarter profit more than quadruple, was expected to post a Dh151 million profit for the fourth quarter, an increase of 156 per cent, according to Global Investment House.

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

dana gas hires advisers for 920m dana gas hires advisers for 920m



GMT 10:53 2012 Tuesday ,28 February

Iraq film festival aims to promote human rights

GMT 23:42 2017 Thursday ,16 February

Rainy weekend and drop in temperatures on Saturday

GMT 11:41 2016 Saturday ,09 January

In Norway, migrants get courses on respecting women

GMT 21:30 2017 Monday ,10 July

Actor Milad Yussef happy for positive reactions

GMT 06:58 2015 Wednesday ,22 April

Google's Waze app to alert kidnappings in Los Angeles

GMT 01:53 2016 Wednesday ,28 December

Germany's Steinmeier Concerned over the Situation in EU

GMT 06:57 2011 Thursday ,14 July

Sharon compensates worker

GMT 07:43 2016 Thursday ,24 March

Obama addresses US role in Argentina's 'dirty war'

GMT 16:20 2011 Monday ,28 November

New Camaro SS dubbed the blaumatt gold at Essen

GMT 14:04 2011 Wednesday ,16 November

2012 Chevrolet Camaro ZL1
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday