Thursday 08, June 2017 by Georgina Enzer

Dana Gas receives $40 million payment from Egypt

Dana Gas has recevied $40 million from Egypt, against its outstanding payments to the company, according to a circular sent to Abu Dhabi Securioties Exchange.

This brings the total amount received from Egypt to $135 million, with the recievable balance now standing at $187 million. Dana Gas' shares soared up 11 per cent on the repayment news, with shares now standing at 51 fild per share, as opposed to a low of 39 file in May.

On 5 June, Dana Gas announced that it has appointed Houlihan Lokey as financial advisors and Squire Patton Boggs as legal advisors in connection with the Company’s Sukuk Al Mudarabah, which amounts to $700 million, the term of which expires on 31 October 2017.

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