Dana Gas hoping stronger receivables support sukuk conversion

Natural gas company Dana Gas is hoping improvements in money collection and receivables will convince more holders of its convertible sukuk to exchange their bonds for equity. The company’s share price has fallen and yields on its sukuk risen in recent weeks as fighting between Islamic militants and Kurdish forces has intensified. But a better outlook from its Egyptian operations and a ruling from a London court ordering the Kurdish Regional Government of Iraq to resume payments should help reassure investors, the company said.