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Dana Gas board discussing sukuk terms - ASHARQ AL-AWSAT English Archive
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DUBAI(Reuters) – The board of Dana Gas is meeting on Sunday morning to discuss progress in restructuring the company’s $920 million Islamic bond which matured last month, the company said in a stock exchange statement.

Natural gas producer Dana, headquartered in the emirate of Sharjah, said on Nov. 7 it had reached an agreement in principle with creditors on restructuring the sukuk, and would pay holders a mix of cash and two new bonds. The new bonds would be a sukuk and a convertible sukuk.

Detailed terms of the restructuring and the proposed new sukuk are yet to be made public.

The Dana Gas board will also discuss the company’s projects in Egypt, Iraq’s Kurdistan and the United Arab Emirates, the statement said.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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