UAE’s Dana Gas walks back on plans to offload Egypt assets
Sale of Dana Gas’ Egyptian assets breaks down: Abu Dhabi-listed energy producer Dana Gas has canceled plans to sell its Egypt-based onshore oil and gas assets after failing to reach an agreement on certain conditions with would-be buyer IPR Wastani Petroleum, Dana said in a statement (pdf). Dana and Wastani, which had both agreed last year on a USD 236 mn transaction, failed to finalize a sale before the agreed time-frame on 14 April, Dana said. “A number of conditions precedent to the transaction could not be completed to the satisfaction of both parties.” The sale was previously due to close in 1H2021. The price tag Dana was willing to sell at was previously considered a significant climbdown from a USD 500 mn originally attached to the portfolio. Dana has been looking to offload its Egypt assets since July 2019, saying at the time the sale would allow it to double down on its more promising operations in Iraqi Kurdistan.
IN OTHER M&A NEWS- The National Bank of Egypt (NBE) now holds 24% of Raya subsidiary Aman Holding after officially closing its EGP 480 mn acquisition, according to an EGX disclosure (pdf). NBE purchased 9 mn shares at EGP 53.33 apiece. NBE was competing with 11 other bidders for shares in the NBFS player and was expected to get its hand on a 20-25% stake before signing the agreement for the acquisition at the end of last year. Raya established Aman Holding last January as a parent for its three non-banking financial services arms: Aman Financial Services, Aman E-Payments, and Aman Microfinance.