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FinancialNews


  • 17-03-19

    UAE's Dana Gas returns USD133m Islamic bonds

    (MENAFN) UAE's Dana Gas purchased back Sukuk worth USD133 million to achieve its reformed dedication to Islamic bonds.

    Sharjah-based returned its Nile Delta Sukuk to lessen the size of Islamic bonds to reach USD397 million compared to USD530 million, allowing it to fulfill an average price of 92.1 cents.

    In a statement, the Emirati giant announced that it "has now satisfied the commitment to buyback circa $100m of sukuk following the consensual restructuring of the sukuk in 2018 and has also met the threshold amount of outstanding sukuk."

    It further added that "[it] allows the company to continue to pay the sukuk profit rate at 4 per cent per annum rather than increase to 6 per cent per annum."

    MENAFN1703201900450000ID1098263979

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