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UAE’s Dana Sukuk Restructuring Vote Postponed To April 23

UAE’s Dana Sukuk Restructuring Vote Postponed To April 23

This is the second time that the meeting has been rescheduled.

Dana Gas, the Abu Dhabi-listed energy firm, postponed the shareholder vote for restructuring of the $920 million sukuk to April 23 after a meeting on Sunday failed to meet the required quorum.

This is the second time the meeting has been rescheduled after a majority was not reached at a shareholder meet on March 21. Dana announced the new date in a filing on the Abu Dhabi bourse.

Dana became the first company in the United Arab Emirates 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.

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