Dana Gas postpones sukuk pricing
Posted: 30 July 2007
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Sharjah-headquartered Dana Gas has postponed the pricing of its announced convertible sukuk issue due to the recent volatility in international credit markets.
Dana Gas appointed Barclays Capital and Citi as Joint Lead Managers and Bookrunners in connection with convertible sukuk issue, which was announced earlier this month.
“In the light of the extreme weakness currently being experienced in the global credit markets, Dana Gas has been advised by Barclays Capital and Citi to postpone the pricing of its equity-linked sukuk offering until September,” Hamid Dhiya Jafar, Executive Chairman of Dana Gas, said. “The Board of Directors and management of Dana Gas would like to extend its thanks for the warm response it has received from the global investment community over the past two weeks of marketing, and looks forward to continuing a strong dialogue with them.”
Dana Gas Finance Director Neeraj Agarwal, added: “The Dana Gas investment opportunity was very well-received by investors in Europe , the Middle East and the Far East , with its unique identity as a listed company with a focus on the rapidly growing Middle East natural gas sector.
“However in view of current extreme levels of volatility in the financial markets, and especially global credit markets, we were advised that it would be preferable to delay the sukuk pricing to secure better terms and this would be in the best interest of our shareholders.”
The Abu Dhabi listed company has major projects and operations in the UAE, Egypt and most recently in the Kurdistan Region in Northern Iraq , as well as new projects under development in other countries in the Middle East . It’s $1.1 billion acquisition of Centurion Energy earlier this year placed Dana Gas as the sixth largest gas producer in Egypt . |
