Dana Gas experienced a sell-off yesterday amid uncertainty over how the UAE gas explorer and producer plans to repay a US$1 billion sukuk due in October.
"The company has not announced if they found a solution to refinance the sukuk, and they clearly don't have the cash to pay it," said Hassan El Salah, the head of institutional trading at Al Ramz Securities in Abu Dhabi.
Dana dropped 7.5 per cent to close at 37 fils on the Abu Dhabi Securities Exchange. The shares plunged as much as 10 per cent during the trading session. Dana lost 38 per cent last year.
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