Dana Gas repurchases $133 million Sukuk

2019-03-17 11:44:27 GMT (Economies.com)
 

UAE’s Dana Gas on Sunday announced that it has bought back a total of $133 million worth of Sukuk, under the Sukuk repurchase program of Nile Delta Sukuk Ltd. Thus, the buyback has slashed the size of the Sukuk from $530 million to $397 million.

 

Dana will save a total of $21 million by repurchasing the total of $133 million of its Sukuk in the market par and by future profit rates savings on those bought back sukuk, the statement added. Moreover, it will make a further saving of $8 million by maintaining the profit rate at 4%.

 

Moreover, the company’s board has approved recommendations to repurchase shares.

 

Dana Gas will seek permission to repurchase up to c. 690 million of Dana Gas shares on the Abu Dhabi Securities Exchange (ADX), which would correspond to 10% of the company’s total share capital.

 

The company’s board proposed a dividend payment of 5.5 fils per share, a 10% increase compared to the 2018 dividend.

 

Dana Gas earlier said it re-purchased Sukuk worth $5 million, which were issued by Delta Nile Sukuk Ltd in January.

 

Dana Gas said earlier it received an amount of AED 1.2 billion ($324 million) during 2018 from its operations in Egypt, the Kurdistan Region of Iraq, and Emirate of Sharjah.

 
 
 
  Symbol Last Change Chg.%
1.1602
0.0032
0.2789%
1.3746
0.0118
0.8637%
Tadawul
11773.36
25.09
0.21%
23.335
0.700
3.090%
82.022
0.902
1.112%
84.86
0.86
1.02%
1767.855
13.150
0.749%
 
 
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