Abu Dhabi – Mubasher: Dana Gas on Wednesday revealed that it had no equity or credit exposure to Abraaj Holding or Abraaj Investment Management Limited but that it had a multi-million-dollar investment with Abraaj Infrastructure Fund.
Dana Gas has a $6 million investment with the Abraaj Infrastructure Fund, which is managed by an affiliate of Abraaj Investment Management Limited.
“This investment is already part of Dana Gas’ balance sheet and disclosed under Note 9 of Q1-18 interim condensed consolidated financial statements,” the company said in a filing to the Abu Dhabi Securities Exchange (ADX).
Apart from the $6 million investment, Dana has no other dealings with Abraaj, it said.
Dana Gas follows a number of UAE companies who have disclosed their exposure to The Abraaj Group after the latter was subjected to money misuse allegations in one of its funds, which led to the subsequent announcement of a liquidation and restructuring process. A Cayman Islands court has approved Abraaj's liquidation request.
Earlier this week, analysts told Mubasher that companies who uncover their level of exposure to Abraaj will help restore investor confidence.
Last week, Dubai-listed Air Arabia said it had nearly AED 1.2 billion in exposure to Abraaj and appointed a legal representative to protect its investments.
By 12:58 pm UAE time, Dana Gas’ stock retreated 3.8% to AED 1.01.
