UAE natural gas giant Dana Gas has picked four banks to arrange its planned listing on the London Stock Exchange, Thomson IFR reported late on Thursday.
The company has mandated Bank of America Merrill Lynch, Citi, Deutsche Bank  and JP Morgan said the Thomson IFR report, citing unnamed sources.
“A timeframe for when the offering could happen was difficult to give because of the uncertain global conditions,” IFR said, adding that a stable September on global markets could see an issue come in October or November.
Dana, the Gulf’s only listed natural gas company and the largest private sector gas company in the Middle East, said in April it would seek a London listing to gain a wider investor base and boost its stock value. The company saw a tepid reaction on the Abu Dhabi Securities Exchange to it’s Q2 results, despite profit increasing by 276% and average production increasing 20% over the previous quarter.
Dana has significant operations in the UAE, Iraq and Egypt, where production grew 6% year-on-year despite civil unrest earlier this year.
