Dana Gas secures approval of shareholders for sukuk restructuring - The National

Dana Gas secures approval of shareholders for sukuk restructuring - The National:

"Dana Gas, the Abu Dhabi-listed energy firm embroiled in a $700 million sukuk dispute, secured on Thursday the approval of the majority of its shareholders to move ahead with its sukuk restructuring programme. “We had 62.3 per cent of the shareholders appearing at the first call, which we’re very pleased about, because we needed substantially more than quorum [more than 50 per cent] and again the shareholders, those who were present voted unanimously in favour of the consensual restructuring of the $700m,” chief executive Patrick Allman-Ward told The National in a phone interview after the firm’s annual general meeting of shareholders. The Sharjah-based firm, which operates gas concessions in Iraq's Kurdistan and Egypt, took the Islamic finance world by surprise last year when it declared its sukuk non-Sharia compliant, plunging it into a long legal battle with its debtholders, which include Blackrock, the world’s largest asset manager and investment bank Goldman Sachs."



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