Dana Jumps Most in 8 Years After Egypt Payment: Abu Dhabi Mover - Bloomberg

Dana Jumps Most in 8 Years After Egypt Payment: Abu Dhabi Mover - Bloomberg:

"Dana Gas PJSC (DANA), a United Arab Emirates natural gas producer, rose the most in eight years after a $53 million payment from the Egyptian government stoked bets the company’s cashflow is improving.

The stock surged 15 percent, the most since December 2005, to 86 fils at the close in Abu Dhabi. More than 311 million shares traded, almost nine times the three-month average daily volume. Egypt has paid Dana $130 million this year of a total $330 million owed, according to a statement to Abu Dhabi bourse. Dana led a 0.6 percent advance on the ADX General Index, which rose for a fifth day.

Egypt delayed payments for energy supplies after the 2011 popular uprising slowed economic growth and as local gas output declined, putting pressure on the government’s price-cap policy. Dana, based in Sharjah, UAE, restructured about $1 billion of Islamic bonds last year because of remittance holdups caused by political unrest in Egypt and Iraq."

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