Dana Gas experienced a sell-off yesterday amid uncertainty over how the UAE gas explorer and producer plans to repay a US$1 billion sukuk due in October.
"The company has not announced if they found a solution to refinance the sukuk, and they clearly don't have the cash to pay it," said Hassan El Salah, the head of institutional trading at Al Ramz Securities in Abu Dhabi.
Dana dropped 7.5 per cent to close at 37 fils on the Abu Dhabi Securities Exchange. The shares plunged as much as 10 per cent during the trading session. Dana lost 38 per cent last year.
The yield on Dana's 7.5 per cent Sharia-compliant notes has risen to 53.28 per cent from 36.13 per cent at the start of this month. The price sank to 72.30 cents.
The company held a board meeting on January 4 to address its stake in MOL, Hungary's largest oil refiner, as well as financing projects in Egypt and the UAE.
"They are producing on the assets, but without the correct management, the stock is going to face pressure," said an analyst on condition of anonymity.
"The company said it was exploring options, but the public has the right to know what these options are."
Egypt, which has experienced slower economic growth since the ouster of Hosni Mubarak from the presidency last February, owes Dana Gas about $200 million from natural gas sales, Ahmed Al Arbeed, the company's chief executive, said in November.
Dana slowed production by 4.6 per cent during the third quarter to 3.72 million barrels of oil to "balance expenditure with the collection of accounts receivable", it said in November.
The company decided to suspend the construction of the announced Salma Plant, which was estimated to cost about $200m, and opted to expand its existing El Wastani Plant once Egypt returns to normal.
Dana in August announced plans to list on the London Stock Exchange to gain a wider investor base and boost its stock value. The company appointed Bank of America Merrill Lynch, Citibank, Deutsche Bank and JPMorgan to help with the process, according to Reuters.
halsayegh@thenational.ae
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MATCH INFO
Uefa Champions League quarter-final, second leg (first-leg score):
Manchester City (0) v Tottenham Hotspur (1), Wednesday, 11pm UAE
Match is on BeIN Sports
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
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Day 4, Dubai Test: At a glance
Moment of the day Lahiru Gamage appeared to have been hard done by when he had his dismissal of Sami Aslam chalked off for a no-ball. Replays suggested he had not overstepped. No matter. Two balls later, the exact same combination – Gamage the bowler and Kusal Mendis at second slip – combined again to send Aslam back.
Stat of the day Haris Sohail took three wickets for one run in the only over he bowled, to end the Sri Lanka second innings in a hurry. That was as many as he had managed in total in his 10-year, 58-match first-class career to date. It was also the first time a bowler had taken three wickets having bowled just one over in an innings in Tests.
The verdict Just 119 more and with five wickets remaining seems like a perfectly attainable target for Pakistan. Factor in the fact the pitch is worn, is turning prodigiously, and that Sri Lanka’s seam bowlers have also been finding the strip to their liking, it is apparent the task is still a tough one. Still, though, thanks to Asad Shafiq and Sarfraz Ahmed, it is possible.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Naga
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Greatest Royal Rumble match listing
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Rusev
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v Kalisto
