BRIEF-UAE's Dana sukuk restructuring vote postponed to April 23
DUBAI, March 24
DUBAI, March 24 (Reuters) - Dana Gas, the Abu Dhabi-listed energy firm, postponed the shareholder vote for restructuring of the $920 million sukuk to April 23 after a meeting on Sunday failed to meet the required quorum. This is the second time the meeting has been rescheduled after a majority was not reached at a shareholder meet on March 21. Dana announced the new date in a filing on the Abu Dhabi bourse. Dana became the first company in the United Arab Emirates to miss repayment of a maturing bond on October 31 but agreed new terms with a creditor committee representing bondholders, which included investment firms Ashmore Group and BlackRock , a week later.
Under the plan, the Sharjah-based company will repay $70 million in cash, with the remaining $850 million split equally between two new five-year sukuk - an ordinary Islamic bond and a convertible sukuk - which pay an average coupon of 8 percent.
- Sierra Leone declares emergency as Ebola death toll hits 729 |
- S&P500 index posts worst fall since April; indexes down for July
- U.S. man sues soccer star Cristiano Ronaldo over CR7 trademark
- Israel, Palestinian militant groups agree to three-day Gaza truce |
- Moscow fights back after sanctions; battle rages near Ukraine crash site |