UAE’s Dana Gas Sukuk Restructuring Vote Postponed To March 21

Abu Dhabi-listed energy company Dana missed repayment of its $920 million sukuk that matured in October last year.

Dana Gas, the Abu Dhabi-listed energy firm, said a shareholder meeting to vote on the restructuring of the $920 million sukuk did not met the required quorum.

A new meeting has been scheduled for March 21, the company said in a filing to the Abu Dhabi stock exchange on Thursday.

Dana became the first company in UAE to miss repayment of a maturing bond on October 31 but agreed new terms with a creditor committee representing bondholders, which included investment firms Ashmore Group and BlackRock, a week later.

Under the plan, the Sharjah-based company will repay $70 million in cash, with the remaining $850 million split equally between two new five-year sukuk – an ordinary Islamic bond and a convertible sukuk – which pay an average coupon of eight per cent.