Ahmed Al Arbeed, the chief executive of Dana Gas, will retire in September, a month before the company is due to repay a US$1 billion (Dh3.67bn) sukuk that has been causing jitters in the financial markets.
The news comes after it emerged this week that Dana, the only publicly listed gas producer in the region, has appointed the US private-equity firm Blackstone Group to help it restructure its debt, having already appointed Deutsche Bank to this end this year.
The yield on Dana's Sharia-compliant bond rose by almost 2 percentage points to 62.85 per cent yesterday, the highest since January.
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