MIDEAST STOCKS-Dana Gas up on sukuk hopes, telcos drag on Saudi:
"Shares in Abu Dhabi’s Dana Gas rose early on Thursday after its sukuk holders proposed a deal to end a dispute over payments on the debt, while Saudi telecommunications shares fell as officials moved towards allowing voice and video calls over the Internet. Holders of about $700 million of Islamic bonds issued by Dana Gas submitted a proposal to restructure the sukuk to the company’s management, in an effort to end the legal battle over Dana’s refusal to redeem them, a committee for the holders said on Wednesday. Dana called the proposal unacceptable, however, and it is not clear that it will change the stand-off over the bonds. A court hearing of the case in London is due to start next week."
'via Blog this'
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