Abu Dhabi – Mubasher: Dana Gas will work to reach a “standstill” agreement with the holders of its outstanding sukuk before their maturity date, according to a bourse statement.
The company has some $700 million in outstanding sukuk that will mature in October.
On 6 November 2012, Dana reached a similar agreement with the sukukholders after it defaulted in redemption of sukuk with a maturity date on 31 October of the same year.
The default, which lasted for three day, was a technical one, the company said.
Dana said that buyback of shares or purchase of further sukuk will be subject to the availability of the company’s cash.
