April 23, 2020 / 5:27 AM / a month ago

UAE's Dana Gas says to use proceeds of sale of Egypt assets to pay down sukuk

DUBAI, April 23 (Reuters) - United Arab Emirates-based Dana Gas said on Thursday it plans to use proceeds from the sale of its Egyptian assets to pay down its sukuk, also known as an Islamic bond.

“If a sale of these assets were to go ahead the proceeds of the sale would be used to pay down the sukuk as required by the terms of the sukuk,” Dana Gas, which is listed in Abu Dhabi, said in a bourse statement.

The company, which operates concessions in Iraq’s Kurdish region and Egypt, had earlier said it would finalise the sale by the end of March.

But it then delayed a decision on whether to sell its Egyptian assets because of the market turmoil caused by the coronavirus outbreak, two sources close to the talks told Reuters earlier this month. (Reporting by Hadeel Al Sayegh; Editing by Kim Coghill)

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