Dana Gas private placement completed

02 September 2005
The private placement of shares in newly created, Sharjah-based Dana Gas has been completed, and the initial public offering (IPO) of 35 per cent of the company's AED 6,000 million ($1,635 million) capital is due to be launched by mid-September. HSBC is acting as financial adviser and lead manager (MEED 29:7:05).

The private placement attracted strong demand from about 250 GCC individuals and institutions invited to participate in joining the founding shareholders, Crescent Petroleum, Sajaa Gasand United Gas Transmissions Company, all locally-based. The IPO will be open to both GCC and international investors. Dana Gas will own part of Crescent Natural Gas Company, currently owned by Crescent Petroleum, which has a gas supply agreement with Iran.

Also due to come to market in September is an IPO through the Dubai International Financial Exchange and the London Stock Exchange of shares in Beirut-based telecoms operator Investcom. At least 25 per cent of the company's capital is expected to be offered. Investcom has assets in several countries, including Syria, Sudan and Yemen. Citigroup and HSBC are arranging the IPO.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications