Dana Gas’ operational activities will not be affected by its exposure to Abraaj
Dana Gas DANA 1.96% 1.04 0.02
By: Mahmoud Gamal
Abu Dhabi – Mubasher:Dana Gas’ operational activities will not be affected by its exposure to The Abraaj Group, Dana’s head of investor relations Mohammmed Mubaideen told Mubasher.
He described the impact of the exposure as being “very limited.”
Dana Gas’ investments in Abraaj Capital amount to $6 million and are invested in an infrastructure fund affiliated to Abraaj and managed by Abraaj Investment Management Limited, Mubaideen revealed.
Since money misuse allegations erupted at Abraaj’s $1 billion healthcare fund, a host of companies disclosed the level of their exposure to the investment firm.
The UAE’s Securities and Commodities Authority (SCA) also issued a circular requesting that companies issue statements with this information to their respective bourses.
The SCA’s deadline ends Thursday. So far, 30 Dubai-listed companies have said that they had no ties to or investments with The Abraaj Group.
On the Dubai Financial Market (DFM), Air Arabia disclosed $336 million in exposure, while Mashreq Bank and the Commercial Bank of Dubai (CBD) revealed, earlier on Thursday, exposure of around AED 66.5 million and $166m, respectively.
In May, The Abraaj Group filed for bankruptcy and a court-supervised restructure, both of which were approved in June.
Analysts previously told Mubasher that companies’ disclosures of the level of their exposure to Abraaj would boost investor confidence in the markets.
By the end of Wednesday, the number of companies that have so far disclosed their exposure, or lack of it, to The Abraaj Group has risen to 89 firms.
Translated by: Nada Adel Sobhi
Source: Mubasher Exclusive
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