Dana Gas, the Sharjah-based energy company, redeemed the remaining $309 million it owed on its sukuk.
The company disbursed payments on Monday and said sukuk holders should begin to receive funds by Tuesday. Its outstanding debt at a corporate level now consists of a $90m credit facility, it said.
“We are pleased to have settled all our obligations with our sukuk holders as scheduled and have now significantly reduced our ongoing financing costs," the company's chief executive Patrick Allman-Ward said. "We have a strong business model and substantial growth potential from our asset base which includes, once the previously announced sale of our Egyptian assets completes, two world-class fields in the KRI (the Kurdistan Region of Iraq) and a highly prospective offshore block in Egypt.”
Dana Gas restructured a $700m sukuk in 2017 following a dispute with some of its creditors after the company had initially declared the instrument non-compliant. It eventually agreed a deal with creditors to repay 20 cents on the dollar and to restructure the remainder into a $530m instrument to be repaid over three years. It repurchased $221m of the sukuk over the past three years and has now repaid the remainder following the $236m sale of onshore oil and gas assets in Egypt announced last week.
The company reported a net loss to shareholders of $19m in the first six months of 2020, compared to a profit of $140m in the same period last year. Gross revenue fell 25 per cent to $181m on the back of lower selling prices and lower production levels in Egypt.
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Essentials
The flights
Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes.
The stay
A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.
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Rainbow
Kesha
(Kemosabe)
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
INFO
'Outclassed in Kuwait'
Taleb Alrefai,
HBKU Press
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
The bio
Favourite vegetable: Broccoli
Favourite food: Seafood
Favourite thing to cook: Duck l'orange
Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania
Favourite place to travel: Home in Kuwait.
Favourite place in the UAE: Al Qudra lakes
The biog
Full name: Aisha Abdulqader Saeed
Age: 34
Emirate: Dubai
Favourite quote: "No one has ever become poor by giving"
Info
What: 11th edition of the Mubadala World Tennis Championship
When: December 27-29, 2018
Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams
Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823
Global state-owned investor ranking by size
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China |
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UAE |
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Japan |
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Norway |
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Canada |
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Singapore |
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South Korea |
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
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'Hocus%20Pocus%202'
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KYLIAN MBAPPE 2016/17 STATS
Ligue 1: Appearances - 29, Goals - 15, Assists - 8
UCL: Appearances - 9, Goals - 6
French Cup: Appearances - 3, Goals - 3
France U19: Appearances - 5, Goals - 5, Assists - 1
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
Price, base / as tested Dh174,500
COMPANY%20PROFILE
Company%20profile
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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