Dana Gas to Use Proceeds from Egypt Asset Sales to Settle USD 397 Million Sukuk

Patrick Allman-Ward, the Chief Executive Officer of the United Arab Emirates-based Dana Gas, has informed Abu Dhabi Securities Exchange that proceeds from selling its Egypt assets will be utilized to pay USD 397 million of outstanding Sukuk, which will be matured in October 2020.

Earlier in April, Dana Gas announced that its intentions to sell Egyptian properties were on hold due to the COVID-19 situation, but promised that the company would not withdraw from the deal. When the assets referred to above are sold, the proceeds shall be used to pay the Sukuk as provided by the terms of the Sukuk.

According to Islamic Markets Sukuk Monitor, Dana Gas issued USD 530.4 million Sukuk Ijarah...