UAE gas company launches $1 bn Islamic bond
A UAE based gas company has launched an exchangeable Islamic bond worth $1 billion.
By Agencies |
The move is part of the company's strategy to put in place a more efficient capital structure through broadening and diversifying the financing channels for its continued growth and expansion, Khaleej Times reported Tuesday.
The Islamic bond, also known as "sukuk", issued by Dana Gas, one of the largest private-sector natural gas companies in the Middle East, will mature in 2012, according to the report.
Holders can exchange their "sukuk" into ordinary shares of Dana Gas subject to certain conditions.
Barclays Capital, the investment banking division of the Britain-based Barclays Bank, and Citigroup are acting as joint global coordinators and joint book runners of the "sukuk".
The Islamic bond, also known as "sukuk", issued by Dana Gas, one of the largest private-sector natural gas companies in the Middle East, will mature in 2012, according to the report.
Holders can exchange their "sukuk" into ordinary shares of Dana Gas subject to certain conditions.
Barclays Capital, the investment banking division of the Britain-based Barclays Bank, and Citigroup are acting as joint global coordinators and joint book runners of the "sukuk".
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