Abu Dhabi – Mubasher: Dana Gas' stock, listed on the Abu Dhabi Securities Exchange (ADX), fell during Sunday’s trades, recording its largest daily drop in four months or since 21 February 2017.
By 12:42 pm UAE time, the stock plunged 5.48% to AED 0.69 on the back of news that the company had filed a pre-emptive lawsuit in the UK to protect its interests against any hostile action by sukukholder representatives in connection with its Sukuk Al-Mudaraba in the British Virgin Islands (BVI).
Dana’s stock was the most active in terms of traded value and volume on the ADX, logging a turnover of AED 66.53 million after 94.154 million shares changed hands through 629 transactions.
Earlier on Sunday, Dana Gas said it had filed the lawsuit at the English High Court of Justice in London, noting that the court had granted the company “an injunction restraining the said representatives (Trustee, Delegate and Security Agents) from taking any such actions.”
The UAE-based gas company said it had obtained similar injunctions from UAE and BVI courts.
The injunctions protect Dana's position pending the outcome of a UAE court action to have its Sukuk Al Mudaraba dated 8 May 2013 declared unlawful.
