Dana Gas PJSC (DANA) shares were set for the biggest slump in almost two years after the fuel producer failed to confirm whether it had reached a so-called standstill agreement with bondholders for $1 billion of sukuk due today.
The shares tumbled 8.9 percent, headed for the biggest decline since January 2011, to 41 fils at 11:14 a.m. in Abu Dhabi. Dana Gas was the most traded by volume and the biggest decliner on Abu Dhabi’s benchmark ADX General Index. (ADSMI)
The Sharjah-based company said today it’s in talks to reach a consensual solution to restructure the sukuk, without providing details. A person familiar with the talks, speaking on condition of anonymity, said yesterday Dana Gas reached a standstill accord this month, under which creditors make no effort to collect debt payments thereby preventing a default.
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