Monday, 20 February 2012 at 13:10, Bloomberg
The rate on Dana's 7.5 per cent sukuk due in October declined 5.02 percentage points to 57.99 per cent. (REUTERS)
The yield on Dana Gas PJSC’s $1 billion Islamic bonds dropped to the lowest in a month after the producer of oil and gas said its board will consider a revised 2012 budget at a meeting this week.
The rate on the 7.5 per cent sukuk due in October declined 5.02 percentage points to 57.99 per cent, the lowest since January 18, at 12:16 pm in Dubai, according to data compiled by Bloomberg. The price gained to 72.96 cents on the dollar.
Dana Gas also said its board on February 22 will consider the status of current projects. The company produces and explores for oil and gas in Egypt and the Kurdistan region of Iraq. In both areas, it’s seeking to boost output at the same time as it faces difficulty in getting paid. Dana Gas may restructure its $1bn Islamic bonds maturing in October as the payment deadline nears, HSBC Holdings Plc said in January.
The shares gained 4.3 per cent to 49 fils in Abu Dhabi. The stock has advanced 8.9 per cent this year after losing 38 per cent in 2011.
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