|
Dubai: Dana Gas has called an extraordinary general meeting (EGM) of its shareholders to approve the issue of a $1 billion Sharia-compliant bond in the form of a convertible sukuk.
The sukuk issue is part of Dana Gas' strategy to put in place a more efficient capital structure through broadening and diversifying the financing channels for the continued growth and expansion of the company's activities.
Dana Gas is seeking approval from its shareholders to raise at least $1 billion in new funds through this convertible sukuk bond issue, after receiving the necessary approvals from the UAE Securities and Commodities Authority (SCA).
"This is an important step for Dana Gas, as we look to fund the next phase of the company's growth plan in the natural gas industry across the Middle East Region," said Hamid Dhiya Jafar, executive chairman of Dana Gas.
"In addition to enabling the company's ambitious growth strategy through the planned pursuit of identified opportunities, the bond issue will also position Dana Gas in international capital markets, where international institutions are showing increased interest in the region and especially the rapidly-growing natural gas sector."
Dana Gas is in the process of appointing lead managers and is in discussions with several international banks.
|
