Press Release Detail


Proceeds to fund business development and short term obligations

10 February 2013


Dana Gas PJSC, the Middle East’s leading regional private sector natural gas company, has announced that the sale of 1.675 million of its shares in MOL Hungarian Oil and Gas (“MOL”) has realised gross proceeds of 
US$ 135 million (AED 495 million) for the Company. The transaction took place on Friday 8 February 2013 and leaves Dana Gas with a remaining interest in MOL of 1.486 million shares, representing approximately 1.4% of the share capital. 

Rashid Al-Jarwan, Executive Director and Acting Chief Executive Officer of Dana Gas, commented: “We took advantage of market conditions to raise additional funds, which will contribute to the development of our business, and to meeting the Company’s short term obligations including those arising from Sukuk refinancing. Meanwhile our strategic partnership with MOL continues to remain strong.” 

Dana Gas recently announced 20% growth in annual profits to 
US$ 165 million (AED 605 million) in 2012, up from US$ 138 million 
(AED 506 million) in the previous year. 

The Company is currently appraising and developing its new discoveries in Egypt and the Zora gas field, located offshore UAE.

The Sukuk refinancing documentation is in the process of being finalised and subject to the necessary consents, is due to complete in the first half of 2013.

132Dana Gas Realises AED 495 Million (US$ 135 million) from Part Sale of Interest in MOL

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