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Thursday, 3 September 2020

Dana Gas in talks with IPR Energy over sale of Egypt assets

M&A WATCH- The UAE’s Dana Gas is in talks with Texas-based IPR Energy over the sale of its Egypt assets ahead of a USD 300 mn debt repayment in October, Reuters reports, citing unnamed sources familiar with the matter. The energy company was hoping to raise over USD 500 mn from the sale, but will likely collect significantly less, they added, without providing additional details Dana Gas said last September that it could potentially sell all of its assets in Egypt.

Sukuk payment due in October: Dana had previously said that proceeds from the long-delayed sale of its Egypt assets, which it had hoped to complete in March before the pandemic broke out, would be used to pay some USD 379.6 mn in outstanding Islamic bonds, or sukuk, due at the end of October.

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