Monday, Jun 11, 2012
(This story was originally published Sunday)
DUBAI (Zawya Dow Jones)--Adel Al Sabeeh has replaced Hamid Jafar as chairman of Sharjah-based Dana Gas PJSC (DANA.AD), according to a document posted on the Abu Dhabi bourse website, as the company attempts to address a $1 billion Islamic maturity in October.
Al Sabeeh, formerly the deputy chairman, was named the new chairman at Dana's annual general meeting on Thursday, a list of directors showed. Jafar is now simply a director.
Tawfeeq Al Moayed, a director, was named deputy chairman. The company added two other board members, and a third left. The new directors have a three-year term ending in 2015.
The changes follow Dana's announcement in April that chief executive Ahmed Al Arbeed will retire in September after three years in the position.
The reshuffling comes as the company weighs the upcoming maturity of its $1 billion sukuk. Analysts say Dana doesn't have enough cash on hand to repay the debt, while Dana has hired Deutsche Bank and Blackstone Group to advise on its options.
Dana's business has suffered as a result of late payments from customers of its energy operations in Iraq's Kurdistan region and Egypt.
The company, which is listed in Abu Dhabi, last month said first-quarter net profit more than doubled to 206 million U.A.E. dirhams ($56 million).
Dana shares last traded flat at AED0.39 in a slightly positive overall market.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
11-06-12 0336GMT
