Dana Gas shares fell sharply as a deadline for the repayment of its US$920 million (Dh3.37 billion) sukuk passed and the company said it was still in discussion with creditors.
The announcement to the Abu Dhabi Securities Exchange (ADX) set the company's shares falling by 8.8 per cent to 41 fils each.
"Dana Gas confirms - as previously reported - that it has been engaged in discussions with the adhoc committee of sukuk certificate holders to reach a consensual solution to the restructuring of the sukuk, which it believes to be in the best interests of all stakeholders," said the company.
"The company will update the market as soon as it is appropriate and in accordance with ADX regulations."
Sources close to the Sharjah-based company said on Tuesday that it had secured a six-month standstill agreement with creditors.
A standstill agreement postpones the possibility of default, as creditors would agree not to press claims against Dana Gas, though interest payments would continue to accrue.
The fact that Dana was still in negotiation with creditors as it crossed the repayment deadline was a first for the country, said Gus Cheyaheb, the director of research at Exotix, a specialist investor in illiquid debt.
"This is the first bond that's been up for debate since Nakheel," he said. "All other bonds have been paid off over the last three years on time and in full."
Nakheel, the developer of the Dubai's man-made islands, requested a standstill on its debts in November 2009, sparking a crisis at parent Dubai World.
Both companies' obligations at the time far exceeded Dana's $920m bond repayments.
Dana Gas bonds yesterday extended a sharp sell-off from Tuesday, having fallen 8.65 cents on their dollar value during the past two days.
The sukuk are trading at a 30.15 per cent discount to par value at 69.85 cents on the dollar.
Dana Gas is able toinvoke a three-day grace period before a default would be declared. HSBC, the agent for the bondwhich would declarethe default should it happen, declined to comment.
Dana Gas was the most actively traded stock on the ADX yesterday and declined the most as 19 million shares changed hands. The market measure was flat at 2,672.43 points, steadied by a sharp rise in National Bank of Umm Al Qaiwain's shares.
Crescent Petroleum, Dana's biggest shareholder, said late last month that it would not bail out Dana.
ghunter@thenational.ae
Company%20Profile
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COMPANY%20PROFILE
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
MANDOOB
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COMPANY%20PROFILE
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Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Company%20Profile
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Guardians%20of%20the%20Galaxy%20Vol%203
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MATCH INFO
Borussia Dortmund 0
Bayern Munich 1 (Kimmich 43')
Man of the match: Joshua Kimmich (Bayern Munich)
World Series
Game 1: Red Sox 8, Dodgers 4
Game 2: Red Sox 4, Dodgers 2
Game 3: Saturday (UAE)
* if needed
Game 4: Sunday
Game 5: Monday
Game 6: Wednesday
Game 7: Thursday
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
If you go...
Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).
CRICKET%20WORLD%20CUP%20LEAGUE%202
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SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
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COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
Getting%20there%20and%20where%20to%20stay
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MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
Company%20Profile
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now