Sharjah-based natural gas company Dana Gas has confirmed today that it has redeemed its $309 million outstanding sukuk.

The sukuk, which had an original balance of $530 million, was issued on October 31, 2017, with $221 million of repurchases taking place during the last three years.

In a statement to Abu Dhabi Securities Exchange (ADX), Dr Patrick Allman-Ward, CEO of Dana Gas, said: “We are pleased to have settled all our obligations with our Sukuk holders as scheduled and have now significantly reduced our ongoing financing costs.”

The company announced last month that it had signed a $90 million credit facility to pay off the sukuk.

The loan will be repaid following the sale of the company’s Egyptian assets, the statement said.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

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