Reuters: Private Equity: UPDATE 1-UAE's Dana Gas CEO to retire in September

Reuters: Private Equity Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-UAE's Dana Gas CEO to retire in September Apr 26th 2012, 14:25 Thu Apr 26, 2012 10:25am EDT DUBAI, April 26 (Reuters) - Dana Gas, which has retained advisors to assess options for $1 billion in debt maturing this year, said on Thursday its chief executive will retire in September after three years at the helm. Ahmed Al-Arbeed will remain on the board of directors, the Gulf Arab region's only listed natural gas firm said in a statement issued after its shareholder meeting in Abu Dhabi. Dana, which has operations in the UAE, Egypt and Kurdistan and owns a 3-percent stake in Hungarian group MOL, said a committee has been appointed to oversee the search for a replacement for Arbeed. The Abu Dhabi-listed firm's shares have been battered recently over fears it might struggle to honor the debt. However, the company said in January that it would meet its debt obligations. The stock is down about 35 percent this year. The company hired Blackstone Group as a financial advisor to assess options for its $1 billion Islamic bond maturing in October, two sources told Reuters this week, alongside Deutsche Bank. Dana, made a quarterly profit of 147 million dirhams ($40 million), according to Reuters calculations. It had profit of 59 million dirhams in the year-ago period. (Reporting by Praveen Menon; Editing by Amran Abocar)

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions