GulfBase Live Support
15/10/2017 07:13 AST
A London High Court judge has adjourned hearings on whether the UAE’s Dana Gas must redeem $700 million of Islamic bonds when they mature at the end of this month, sources familiar with the matter said on Friday.
High Court judge George Leggatt is expected to resume the hearings by Nov. 13, the sources said.
In a complex case that is being fought in British and UAE courts, Dana is refusing to make payments on the sukuk on the grounds that changes in Islamic finance over recent years have made the bonds unlawful in the UAE.
The dispute may have implications for issuers and holders of Islamic debt around the world, as any win by Dana could set a precedent for other companies to treat their outstanding sukuk in a similar fashion.
Judge Leggatt had originally been expected to rule on the case as soon as September, but proceedings have been slowed by maneuverings in the UAE courts.
Some of Dana’s shareholders obtained an injunction in a court in the emirate of Sharjah preventing the company from taking part in the London hearings. Dana has applied to a Sharjah appeals court to have that injunction changed, but this week the appeals court adjourned without making a decision.
Meanwhile, Dana has applied for permission to appeal against the London High Court’s decision to proceed with the English trial while Dana was absent. It is also seeking to appeal the London High Court’s decision last month to allow fund manager BlackRock, a sukuk holder, to join the trial.
Arab News
28/03/2018
Dana Gas will seek shareholder approval to pay a dividend for 2017, it said on Sunday, in a move that could complicate its legal dispute with investors demanding that the company settles $700mn of Is
Gulf Times
27/03/2018
Dana Gas, the Sharjah company tangled in legal battles over the legality of its $700 million sukuk, said on Monday a UAE court has issued a new anti-suit injunction against BlackRock, the world’s big
The National
26/03/2018
Gulf stock markets were generally little changed on Sunday, though Abu Dhabi’s Dana Gas surged on news of plans for its first annual dividend for several years.
The Abu Dhabi index rose 0.
The Gulf Today
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
STC | 83.41 | 257,644 |
DARALARKAN | 13.47 | 74,648,349 |
Ticker | Price | Change |
---|---|---|
PETRORABIGH | 25.42 | 0.41 (1.63 |
BAHRI | 31.56 | -0.29 (-0.92 |
TAQA | 0.85 | 0.00 (0.00 |
ADNOCDIST | 2.64 | 0.07 (2.72 |
ALDREES | 26.08 | -0.31 (-1.18 |
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