Dana Gas of the United Arab Emirates announced the repurchase of a $ 133 million Sukuk, which the Group's Nile Delta Sukuk Company had issued earlier.

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Dana said in a statement to the Abu Dhabi market today, that the repurchasing of the Sukuk referred to would lead to a decrease in the value of the Sukuk from $ 530 million to about $ 397 million.

The company said it had succeeded in fulfilling its commitment to re-purchase a $ 100 million sukuk, in implementation of the agreed sukuk restructuring program over the past year. p>

She added that she has thus exceeded the minimum value of the Sukuk due, which will keep the percentage of Murabaha that she pays on her Sukuk at 4% instead of increasing it to 6%.

She indicated that she would save $ 21 million as a result of buying back Sukuk with a value less than their face value, and avoiding paying the dividends of the Sukuk repurchased until the due date.

The company converted to a loss last year, at a value of 682 million dirhams, compared to a profit of 305 million dirhams in 2017.

In spite of the company's loss last year, the recommendations of the Board of Directors to distribute capital gains of 5.5% for the year 2018 at 5.5 fils per share.

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