Gulf markets edge lower, UK sukuk ruling hits Dana Gas | ZAWYA MENA Edition:
"Gulf stock markets edged lower in early trade on Sunday as Dana Gas shares sank in Abu Dhabi because of a British High Court ruling in the dispute over whether the company must repay $700 million of Islamic bonds. The Abu Dhabi index was 0.1 percent lower as Dana sank 2.8 percent. A London High Court judge ruled that Dana's challenges to the purchase undertaking behind the bonds were "unfounded" and that the agreement was "valid and enforceable". That was a victory for holders of the sukuk, but by no means the last legal move in the dispute. Dana said it would appeal the High Court ruling, and was also looking ahead to a hearing by a UAE court on whether the structure of the sukuk was valid. That hearing is scheduled for Dec. 25. "
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