When Dana Gas shareholders meet on Thursday to elect a new board, personnel issues are likely to be overshadowed by the company's financial affairs.
Long-suffering equity investors have seen the value of their shares decline by more than 90 per cent from their peak soon after Dana listed with much fanfare on the Abu Dhabi bourse in 2005.
The initial promise shown by the gas producer soon dissipated over stalled projects and payment issues in Dana's key markets - Iraqi Kurdistan and Egypt - where disputes with the central government in Baghdad and political turmoil in Cairo have interfered with revenue. Exploration activity in the company's native Sharjah has also disappointed.
No comments:
Post a Comment