Dana Gas outlines terms of $1bn convertible bonds

Dana Gas outlined terms of the $1 billion (Dh3.6bn) convertible Islamic bonds it issued in October, setting a conversion price of Dh2.118 per share.

In a statement issued through the Abu Dhabi Securities Exchange (ADX), the Sharjah-based company said the exchange ratio for those sukuk was set at 17,343 shares for every $10,000 sukuk certificate.

"We now advise that the exchange ratio has been set at 17,343.4 for every $10,000 sukuk certificate (an effective conversion price of Dh2.118 per share), which results in a conversion premier of 29.3 per cent over the share price of Dh1/64 per share at the time of the launch," the statement said.

Dana Gas, the first private sector gas firm in the Middle East, is one of the largest companies listed on ADX.

The company has been locked in a major investment drive in the UAE and other countries as it awaits the arrival of Iranian gas supplies under a tentative agreement signed between Tehran and Crescent Petroleum seven years ago.

Dana Gas has invested billions of dirhams in onshore and offshore pipelines.