By: Mahmoud Gamal
Abu Dhabi – Mubasher: Dana Gas’ stock went up in Wednesday’s trading session after the news that it received $40 million (AED 147 million) as part of its outstanding receivables from Egypt.
The stock grew 13.04% to AED 0.52, generating AED 49.82 million from the exchange of 100.24 million shares by 1:15 pm UAE time.
The recent payment received from the Egyptian government in 2017 brings the total receivables to $135 million (AED 497 million).
The stock saw a significant rise following Dana’s recent receivable from Egypt, strengthening the company’s financial position, capital market analyst Mohamed Saeed said.
The rise of natural gas prices in light of the diplomatic rift between Qatar and some Arab and Gulf nations will also support the company’s stock, Saeed added.
Translated by: Julian Nabil
