Dana Gas sukuk upsized

Click here: Zawya.com – Dana Gas sukuk upsized

Dana Gas, the Middle East’s first regional private-sector natural-gas company, yesterday announced that its convertible sukuk offering has been further increased by $125 million to $1 billion. This is the second increase from the initial issue size of $750 million following continuing strong demand, primarily from international investors. J. P. Morgan acted as sole bookrunner and lead manager on the offering.

Barclays Capital and Citi are acting as joint lead managers on the offering. Hamid Jafar, Dana executive chairman, said: “We are delighted by the continued enthusiasm for our sukuk offering which has encouraged us to increase the size of our issue for a second time.

…Worldwide Islamic banking assets currently total around $500 billion and are growing at over 15 per cent per annum, with Islamic banks and financial institutions managing over $250 billion of assets and a further $200 billion-$300 billion managed by the Islamic subsidiaries of international banks. Dana’s sukuk is the first, major accelerated convertible bond to be issued in the Middle East.

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