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Abu Dhabi: Dana Gas, the Middle East's first regional private-sector natural gas company, said yesterday it has successfully placed its convertible sukuk issue of $875 million. The size of the issue was increased from its initial $750 million following strong market interest.
Neeraj Agarwal, Dana Gas' finance director, said: "The successful placement shows the trust of not only the shareholders, but also of the international market for Dana Gas' strategy. Dana Gas generated genuine operational profits in the very first year of its operations in the financial results announced earlier this year and this contributed to the overall comfort of the market.
"This is a landmark transaction that will propel the company through its next phase of growth, as well as successfully position Dana Gas in international capital markets," said Agarwal.
This is the first accelerated exchangeable bond in the Middle East and also the third largest convertible to be completed in the region, a Dana Gas statement said.
The news had a marginal impact on Dana Gas' shares on a rising Abu Dhabi Securities Market. Some 9.5 million shares of the company traded on the market yesterday, closing 0.01 per cent higher at Dh1.65 a share.
"The sukuk issue is part of Dana Gas' strategy to put in place the most efficient capital structure through broadening and diversifying the financing channels for the continued growth and expansion of the company's activities," the statement said.
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