Dana Gas partners with its Sukukholders


Dana Gas, the Sharjah-based natural gas company, has announced that it has come to an agreement with it Sukukholders, represented by an ad-hoc committee, on terms and conditions to restructure and refinance its Mudarabah Sukuk valued at $700 million. According to Dana Gas, the group of Sukukholders represent more than 52 per cent of the aggregate amount of the existing exchangeable certificates, as well as more than 30 per cent of existing ordinary certificates. The agreement between the Sukukholders is binding, and the members of the committee who are involved in litigation have moved to terminate all pending litigation and release the claims therein. Dana Gas also noted in its note, released on Abu Dhabi Securties Exchange’s website, that the transaction is consensual, amicable, and covers all the current issues between the parties. The agreement is as follows: For holders wishing to exit their principal, the Company is offering an opportunity to tender their claims at 90.5¢ per $1 of the face value of their holdings, which includes an early participation fee of 2.5¢.—Agencies

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