DUBAI Nov 1 Dana Gas, the
Sharjah-based natural gas company, on Thursday said it failed to
pay the outstanding $920 million on an Islamic convertible bond
that matured on Wednesday.
The UAE's largest listed natural gas firm, hit by payment
delays from Egypt and Iraq's Kurdistan region, said it had also
missed a $18.75 million accrued profit payment due on October
"Dana Gas is in ongoing discussions with an ad-hoc committee
of sukuk holders over terms to amend and extend the sukuk," it
said in a statement.
Dana had a $1 billion sukuk maturing on Oct. 31. It
repurchased about $80 million of the sukuk in 2008, leaving $920
The five-year sukuk, which was issued with a 7.5 percent
coupon, has gained international interest as a majority of the
debt is said to be owned by large investment firms including
BlackRock Inc and Ashmore Group.
(Reporting by Dinesh Nair; Editing by David French)