Dana Gas PJSC has announced that the sale of 1.675 million of its share in MOL Hungarian Oil and Gas (MOL) has realised gross proceeds of $135 million for the company.
The transaction took place on Friday 8 February 2013 and leaves Dana Gas with a remaining interest in MOL of 1.486 million shares, representing approximately 1.4% of the share capital.
“We took advantage of market conditions to raise additional funds, which will contribute to the development of our business, and to meeting the company’s short term obligations including those arising from Sukuk refinancing. Meanwhile our strategic partnership with MOL continues to remain strong,” said Rashid Al-Jarwan , executive director and acting CEO of Dana Gas.
Dana Gas recently announced 20% growth in annual profits to $165 million in 2012, up from $138 million in the previous year.
The company is currently appraising and developing its new discoveries in Egypt and the Zora gas field, located offshore UAE.
The Sukuk refinancing documentation, which is in the process of being finalised and subject to the necessary consents, is due to be complete by the first half of 2013.
