By: Mahmoud Gamal
Abu Dhabi – Mubasher: Crescent Petroleum has begun the purchase of Dana Gas’ shares.
The high demand on Dana’s shares, witnessed since Wednesday, has stemmed from Crescent’s purchases, Mohammmed Mubaideen Head of Investor Relations at Dana Gas told Mubasher on Monday.
Currently, Crescent Petroleum owns 19.04% of Dana’s shares and in order to up its stake to 20%, the Emirati energy company needs to buy about 70 million shares at least.
Earlier in September, Crescent Petroleum has been granted permission to acquire additional shares in Dana Gas as an insider, with the aim of restoring its shareholding back above 20%, in keeping with its original stake as Dana’s largest founding shareholder.
Translated by: Muhammad Khalid
