Abu Dhabi – Mubasher: UAE-based energy producer Dana Gas has received the approval of the Securities and Commodities Authority (SCA) to buy back 10% of its total shares.
The Middle East’s largest regional natural gas company will repurchase a total number of 697.66 million shares, Dana Gas said in a recent statement to the Abu Dhabi Securities Exchange (ADX).
In the first quarter of 2019, Dana Gas reported a 150% year-on-year profit hike, logging $35 million (AED 128 million), compared to $14 million (AED 51 million).
The company also cut financing costs by $10 million in Q1-19 following the successful Sukuk restructuring and buyback programme.
