Abu Dhabi – Mubasher: Dana Gas on Wednesday denied news that the company was "engaged in any form of currency hedging".
The company highlighted that statements by its CEO Dr. Allman-Ward, published on an economic website, were misinterpreted, according to a statement to the Abu Dhabi Securities Exchange (ADX).
"His comments related to the receipt of payments from the Egyptian government in EGP and the use of those EGP funds to make payments to its creditors and reinvest in Egypt are that these payments have an effect that is similar to a currency exchange rate hedge," Dana Gas highlighted in its statement.
In November, the UAE gas company noted that the Egyptian government's pace of repayment of its dues had declined, which the company described as "disappointing".
By the end of the third quarter of 2016, Egypt's dues to Dana Gas reached AED 887 million ($241.53 million).
