Dana Gas Slumps to Lowest on Record on Egypt Delay Report - Bloomberg

Dana Gas PJSC (DANA), a fuel producer with most of its output coming from Egypt, tumbled to a record low in its longest stretch of losses in three years after Al Bayan reported that Egypt wants to delay a $148 million payment.
The shares declined 4.3 percent to 45 fils at 12:42 p.m. in Abu Dhabi, the lowest intraday level since the company’s shares were listed in December 2005, according to data compiled by Bloomberg. The stock, down for a sixth day, has lost 38 percent this year compared with a drop of 14 percent in the benchmark ADX General Index. (ADSMI)
Egypt’s government and Dana Gas are in talks on paying part of the money owed and obtaining a grace period of a year or more for the remainder, Al Bayan reported, citing Hany El Sharkawi, the company’s president for Egypt. Dana Gas officials didn’t immediately respond to questions from Bloomberg News.

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