Sharjah-based Dana Gas reiterated its earlier plans to use the proceeds from the sale of its Egyptian assets to pay down its sukuk due in October, according to a bourse filing.
The company, which operates concessions in the Kurdistan Region of Iraq as well as in Egypt, already started a strategic review of its Egyptian assets and confirmed it would direct proceeds from a potential sale towards paying down its Islamic bond, Dana Gas said in a statement to the Abu Dhabi stock exchange on Thursday.
"If a sale of these assets were to go ahead the proceeds of the sale would be used to pay down the sukuk as required by the terms of the sukuk," Dana Gas said. "The company will update the market in relation to further developments as and when they arise in relation to the strategic review."
The statement reiterates Dana Gas' position in February, when it noted that it had "received numerous bids and is finalising the technical and commercial evaluation" of these. A decision was due to be made by the end of the first quarter.
Dana Gas secured an agreement in 2018 to restructure and refinance the company’s $700 million (Dh2.6 billion) sukuk, which had been the subject of a protracted legal dispute when it surprised creditors including investment bank Goldman Sachs and the world’s largest asset manager BlackRock by declaring its bonds non-Sharia-compliant.
A restructuring deal was agreed last year through which the company bought back $133m of sukuk. It is due to pay $397 million of outstanding sukuk in October and could also tap into its cash position to pay off its dues, Dana Gas chief executive Patrick Allman-Ward said in February.
Dana Gas reported an annual net profit of Dh575m for 2019 compared with a net loss of Dh682m in the previous year. The rise in profit was supported by higher production from the Kurdistan Region of Iraq, where the company has gas assets. The company's profitability also received a boost as provisions for impairments declined and its earnings from Kurdistan and Egypt increased, offsetting the fluctuation in oil prices.
Separately, the company's shareholders gave the green light to progress a study into splitting the company into two separate entities.
A feasibility study will now be undertaken to investigate proposals announced late last month to demerge its upstream and midstream businesses, to create two publicly-traded companies on the Abu Dhabi Securities Exchange.
Under the plan, existing shareholders would own shares in both the upstream business, which comprises operations in the Kurdistan Region of Iraq (KRI) and Egypt, and a midstream business that owns a UAE Gas project that is currently under arbitration, the company said on April 22. Shareholders gave their approval for the study to go ahead, and for a 5.5 fils per share dividend to be issued, on Wednesday.
Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
Mohammed bin Zayed Majlis
More from Neighbourhood Watch:
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Mohammed bin Zayed Majlis
Full Party in the Park line-up
2pm – Andreah
3pm – Supernovas
4.30pm – The Boxtones
5.30pm – Lighthouse Family
7pm – Step On DJs
8pm – Richard Ashcroft
9.30pm – Chris Wright
10pm – Fatboy Slim
11pm – Hollaphonic
More coverage from the Future Forum
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Our Time Has Come
Alyssa Ayres, Oxford University Press
In Search of Mary Shelley: The Girl Who Wrote Frankenstein
By Fiona Sampson
Profile
KILLING OF QASSEM SULEIMANI
The five pillars of Islam
The years Ramadan fell in May
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
