Abu Dhabi – Mubasher: Dana Gas’ board has directed the management to take the necessary measures to “safeguard the interests of the company” in the proceedings of the sukuk action in Sharjah and London.
The directors also discussed the 2018 business plan and Dana’s share trading activities, according to a filing to the Abu Dhabi Securities Exchange (ADX) on Thursday.
The ADX on Wednesday suspended trading on Dana Gas’ stock owing to its failure to divulge substantial information.
Dana Gas representatives did not attend the trial session held in London Supreme Court, while BlackRock’s lawyers presented their arguments of the validity of the sukuk, according to Reuters.
During the trial session, Dana’s creditors claimed compensation for their sukuk. Dana deemed the demands illegal.
In June, Dana Gas said its $700 million sukuk no longer complied with the rules of the Islamic shariah, resulting in significant losses to sukuk holders.
