Dana Gas is set to become the first UAE company to fail to pay an Islamic bond on maturity, three sources familiar with the matter said, sending its stock and bond prices sharply lower.
The UAE’s largest listed natural gas firm, hit by payment delays from Egypt and Iraq’s Kurdistan region, will not repay a $ 920 million convertible sukuk, when it matures today, the sources said. However, Sharjah-based Dana has won more time to hammer out a deal with bondholders, they added. Dana Gas declined to comment………………………………………..Full Article: Source