UAE court says Dana Gas can distribute dividends, contradicts UK court | ZAWYA MENA Edition:
"A court in the United Arab Emirates has ruled that local energy firm Dana Gas can distribute dividends to its shareholders, contradicting an earlier decision by a British court, according to court documents published on Wednesday. The ruling is the latest move in a legal battle in the UAE and Britain which began last year, when Dana halted payments on its $700 million of Islamic bonds. The company argues the sukuk have become unlawful because of changes in Islamic finance; holders of the sukuk contest that and are demanding to be paid. Dana said late last month that it would seek shareholder approval to pay a cash dividend for 2017, its first in several years. The dividend would be worth 5 percent of capital or about 349 million dirhams ($95 million)."
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