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Dana Gas said the board of directors had recommended the buyout of the company, noting that the approval of the general meeting would be required for a share buyback program.
In a statement released on Abu Dhabi Securities Exchange, the company announced that it would seek to buy back approximately 690 million shares of its shares, or 10% of the company's total share capital.
This decision stems from the Board of Directors' belief that the company's shares at current prices are unfair and represent an opportunity for it to buy its shares, which enhances the value for the shareholders of the company. .
On the other hand, the company said it has bought Sukuk of a total value of $ 133 million issued by its company Sukuk Delta delta delta.
The purchase of these Sukuk would reduce the total amount owed by Sukuk Sukuk of the Nile Delta from $ 530 million to about $ 397 million.
The company said it has successfully fulfilled its $ 100 million buyback obligation, in accordance with Sukuk's restructuring program agreed last year.
She added that she was exceeding the minimum value of outstanding bonds, which would keep the rate of murabaha paid on her sukuk to 4% instead of increasing it to 6%.
She said it would provide $ 21 million following the sukuk repurchase of a value lower than its nominal value and would avoid the payment of the profits of the instruments redeemed until the expiry .
The company said it would achieve additional savings of $ 8 million by keeping the Sukuk Murabaha rate at 4 percent, bringing the total expected savings to $ 29 million, in addition to the annual savings of $ 35 million. dollars realized during the restructuring of Sukuk.
Dana Gas said that she would continue to consider the possibility of buying back more sukuk, which would result in more savings, a reduction in sukuk and the cost of financing the company.
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