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4-Traders Homepage  >  Equities  >  ABU DHABI SECURITIES MARKET  >  Dana Gas Co PJS    DANA   AED000701014

DANA GAS CO PJS (DANA)
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Dana Gas PJS : sukuk offer rejected

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02/14/2018 | 10:18am CEST

Creditors of UAE based energy producer Dana Gas have turned down a proposal by the firm to restructure its $700mn of Islamic bonds and are expecting better terms, two sources familiar with the matter told Reuters.

Dana refused to redeem its sukuk on maturation last year, claiming that the instruments were no longer sharia-compliant because of changes in Islamic finance practice.

Legal proceedings between Dana and its creditors continue in UK and UAE courts, but negotiations to achieve an out-of-court settlement have so far reached an impasse.

The latest restructuring proposal was put forward by the company to sukuk holders about two weeks ago, according to Reuters.

Dana and a committee representing creditors did not immediately respond to requests for comment.

The company offered to exchange 10% of the sukuk in cash and to roll over the remaining 90% over four years at a yearly profit rate of 4%, said the sources. It also offered to buy back up to half of the bonds at a 15% discount.

The creditors' committee, advised by investment bank Moelis, rejected Dana's proposal.

(c) 2018 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( AED)
Sales 2018 1 825 M
EBIT 2018 544 M
Net income 2018 157 M
Debt 2018 610 M
Yield 2018 23,6%
P/E ratio 2018 42,41
P/E ratio 2019 74,15
EV / Sales 2018 4,50x
EV / Sales 2019 4,25x
Capitalization 7 605 M
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Mean consensus OUTPERFORM
Number of Analysts 1
Average target price 1,13  AED
Spread / Average Target 3,2%
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Managers
NameTitle
Patrick Adrian Allman-Ward Chief Executive Officer
Hamid Dhiya Jafar Chairman
Christopher James Hearne Chief Financial Officer
Iman Hill Technical Director & General Manager-UAE
Sultan bin Ahmed bin Sultan Al-Qasimi Non-Independent Non-Executive Director
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