"Dana Gas" to discuss the payment of dues from Kurdistan Region

Shafaq News/ The board of Directors of Dana Company scheduled a meeting next Wednesday to consider the company's progress in the UAE, Egypt and Kurdistan Region.

The company indicated that the board of directors will discuss a semi-annual report on the company’s budget, business plan in the remaining months of this year, the payment of dues from Egypt and Kurdistan Region of Iraq and other matters related to the company’s business; according to a statement released by Abu Dhabi Securities Exchange (ADX).

It is noteworthy that the company announced last April that it intends to use the proceeds from the sale of its assets in Egypt, which value exceeds $ 500 million, in the payment of the due deeds, if the process is completed successfully.

The statement added that it will formally disclose any developments regarding its strategic review. This statement was issued as a response to news circulating about the intention of the company to use the proceeds from the sale of its Egyptian assets to pay off $ 397 million of its deeds.

Dana Gas said, earlier this month, that the strategic review includes the sale of its assets in Egypt, confirming that the project is still under study.

A few days ago, informed sources said that the company intends to postpone the decision to sell its assets in Egypt due to the market turmoil caused by Covid-19 outbreak.

During 2019, the financial results of Dana Gas showed a turnaround for profit, after registering losses in 2018.