Abu Dhabi-Mubasher: The board of Abu Dhabi-listed Dana Gas expressed its dissatisfaction with the non-payment of the company’s outstanding dues in Egypt, according to a bourse statement.
Dana Gas faces challenges due to the currency crisis in Egypt, CEO Patrick Allman-Ward said in August, adding that the company is currently taking steps to remove any obstacles to boost its production.
The company’s trade receivables reached AED 3.5 billion ($960 million) as at 30 June 2016, with a total of AED 363 million ($99 million) collected in the first half of the same year, Allman-Ward added.
The board also reviewed the status of the Zora operations in the UAE and other operations in Egypt and Kurdistan Region of Iraq.
During the meeting, a report on Dana’s funding activities and financial strategy for the coming period was reviewed. The board also discussed the proposal to buy back the company’s shares.
Finally, the board considered the progress of the arbitrations cases, in addition to the status of the company’s proposed amended articles of association, which were submitted to the Securities and Commodities Authority for approval.
