Sunday 09, July 2017 by William Mullally

Dana Gas issues text to call to Sukuk holders

The full text of the call (in English and Arabic) can be viewed on the Company’s website and on www.danagas.com.

Dana Gas PJSC, the Middle East’s largest regional independent natural gas company, today issued the text of the call held on 6 July 2017 to give details of the current situation concerning its Sukuk Al- Mudarabah.

The full text of the call (in English and Arabic) can be viewed on the Company’s website and on www.danagas.com.

In summary, the Company addressed the following on the call: The Company’s current financial position in the context of the ongoing arbitrations with the KRG and NIOC; The commercial rationale underlying the Company’s proposed basis for restructuring the current Sukuk, and changes seen in the bond market since 2012/2013; The legal background to the situation with regard to the current Sukuk, and why a legal Shari’a compliant restructuring is necessary. An outline of the proposed framework of the restructured Sukuk and the next steps in the process.

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