By: Mahmoud Gamal
Abu Dhabi – Mubasher: Dana Gas’ stock saw active trades in Monday’s early trades, after the Kurdistan Regional Government (KRG) reached a financial settlement with Dana and its partners over delays at a natural gas project.
Dana’s stock rose to AED 0.73 by 10:58 am UAE time, generating AED 70.84 million from the exchange of 97.04 million shares, and acquiring 65% of the Abu Dhabi Securities Exchange’s (ADX) liquidity which amounted to AED 109.25 million.
The KRG reached a final settlement with Dana and its partners over a $2.2 billion lawsuit in London, and the former party will pay $1 billion to Dana.
The settlement will help Dana decrease its bad debts, according to Essam Kassabia, a financial analyst at Menacorp Financial Services.
The company’s stock performance is affected by its pending lawsuit related to sukuk Mudarabah, Kassabia noted.
Translated by: Julian Nabil
