20/02/2018 05:41 AST

Dana Gas will again challenge an English court judgment handed down in November against the company, as part of a widely-watched dispute with creditors over the non-payment of $700 million worth of sukuk.

The Sharjah-based gas operator will file an application for permission to the English Court of Appeal to reconsider the ruling in November by Judge George Leggatt, which said that aspects of its English-law sukuk purchase undertaking were valid and enforceable, the company said in regulatory filing to the Abu Dhabi stock exchange on Monday.

Last year, Dana stunned sukukholders – which include BlackRock and Goldman Sachs – when it claimed the agreements for the Islamic bonds (which matured in October) were no longer valid due to changes in Sharia law. The company is involved in court disputes in England and Sharjah over the sukuk’s terms.

The application to the English Court of Appeal comes despite a previous attempt to set aside the judgment in a three-day hearing that concluded in early February ended in failure, with Judge Leggatt refusing the company permission to appeal his decisions.

The judge also granted an anti-suit injunction at the request of creditors following the February hearing, which permanently restrained the company from pursuing proceedings over the sukuk’s validity in the Sharjah Courts.

“It is clear that to permit Dana Gas to advance the same claim at the same time in different jurisdictions would be vexatious and oppressive,” said the judge.

The company said it and its English lawyers believe that "the judgement and orders made by [Judge Leggatt] have not given due consideration to the company’s strong arguments regarding determination of foreign law issues...particularly that the UAE Courts are the appropriate forum to determine the UAE law issues which are closely intertwined with Sharia principles which the UAE Courts have to apply as a matter of public policy and public order.”

The dispute between Dana and sukukholders is being closely watched by stakeholders in the Islamic finance industry, who are concerned that a judgement in the energy company’s favour may set a precedent for other sukukholders.

The National

Crescent raises its stake in Dana to over 20%


Crescent Petroleum has been granted permission to raise its stake in Dana Gas to more than 20 per cent and retain its position as the largest founding shareholder.?

The Sharjah-based energy

Gulf News

Dana Gas gets $74m payment from Kurdish government


Dana Gas, the largest private sector regional natural gas company in the Middle East, has received its share of Dh271 million ($74 million) from the Kurdistan Region of Iraq of the condensate sales i

Trade Arabia

Dana Gas completes sukuk refinance


Dana Gas, the Middle East’s largest regional private sector natural gas company, said that the issue of its new Sukuk has been completed and is now listed on Euronext Dublin (previously known as “Iri

Trade Arabia

Ticker Price Volume
QNBK 175.00 523,282
APPC 53.10 247,824
SABIC 122.40 2,547,798
ALMARAI 47.85 497,005
TAWUNIYA 55.50 219,705
DARALARKAN 9.44 18,192,290
SAICO 12.10 183,602
DANA Sector Market
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
PETRORABIGH 23.16 0.56 (2.47%)
BAHRI 32.00 0.10 (0.31%)
TAQA 1.14 0.01 (0.88%)
ADNOCDIST 2.38 0.00 (0.00%)
ALDREES 27.30 0.10 (0.36%)
QNB revises up oil price forecast to $72 for 2018


QNB has revised up its forecasts for average annual oil prices to $72/b for 2018 from $69/b and to $69/b in 2019 from $66/b. Both demand and supply factors, however, suggest a tilt towards lower pric

The Peninsula

QIB wins two awards at New Age Banking Summit


Qatar Islamic Bank (QIB), country’s leading Islamic bank, received two awards from New Age Banking & Finance Awards 2018, as part of the seventh edition of New Age Banking Summit Qatar which was supp

The Peninsula

Nakilat showcases its expertise at Gastech 2018


Nakilat is participating in the Gastech 2018 Exhibition and Conference currently taking place in Barcelona, Spain from 17 to 20 September 2018. One of the largest LNG-centric events globally, Gastech

The Peninsula

Al Hilal Bank successfully closes $500m sukuk


Al Hilal Bank, rated A2 by Moody’s and A+ by Fitch has successfully closed a $500 million 5-year Senior Sukuk. The transaction, under Al Hilal Bank’s new management team, marks the first Senior Publ

The Gulf Today

Sabic, Clariant sign deal for speciality materials


Sabic, the world’s third largest diversified petrochemicals company, has signed an agreement with Clariant towards taking steps to establish certain elements of its Specialties business as a stand-al

Trade Arabia