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Dana Gas Re-Shuffles Board

Dana Gas Re-Shuffles Board

The UAE energy firm has announced a new chairman as it looks to repay a $920 million sukuk.

Sharjah-based Dana Gas, the energy firm which has a $1 billion Islamic bond due in October, has appointed a new chairman, it said in a bourse filing on Sunday.

Adel Khalid Al Sabeeh, previously deputy chairman, replaces Hamid Jafar as chairman, according to the results of an annual general meeting held on June 7. Jafar remains a board member, the company said.

Dana also named Tawfeeq Abdulrahman al Moayed as its new deputy chairman. No reason for the changes to the company’s board were given in the bourse filing.

The natural gas producer last month it had Blackstone Group and Deutsche Bank as advisers to help it weigh options for repayment of the outstanding $920 million on the convertible sukuk and was committed to finding a consensual solution.

Depending on the outcome of discussions, the company could become the first in the United Arab Emirates (UAE) to restructure a bond.

Limited communication from the company on the matter has worried investors; Dana shares were trading 2.6 per cent lower on Sunday and are down over 13 per cent this year.

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