UAE: Sharjah's Dana Gas to delay convertible sukuk repayment
Sharjah’s Dana Gas will not repay its $920 million convertible Sukuk on time as it is hit by payment delays from Egypt and Iraq’s Kurdistan region.
The Sukuk matured today (31 October), however Dana Gas has won more time to come to an arrangement with the Sukuk holders, reported Reuters, citing three sources. This standstill agreement is said to be effective for six months.
No Sukuk has been restructured or unpaid on maturity in the UAE to date.
Dana Gas has reportedly declined to comment.
- Twist of fate: Middle East fund managers shy away from Turkey, warm up to Egypt
- 'Let them eat cake'...or in the case of Egyptians, shall we say 'pasta'?
- In flux: What's up with Dubai's stock market?!
- GCC banks could face capital and liquidity shortfall
- It's time for an interest rate war in emerging markets, and here's why Middle Eastern economies should take part