Dana Jumps Most in 8 Years After Egypt Payment: Abu Dhabi Mover
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Dana Gas PJSC, the energy producer that restructured debt last year due to delayed payments, rose the most in eight years after it received $53 million from Egypt, stoking bets of better cashflow.
The stock surged almost 15 percent, the most since December 2005, to 86 fils at the close in Abu Dhabi. More than 311 million shares were traded, almost nine times the three-month average daily volume. Egypt has paid Dana $130 million this year of $330 million owed to the Sharjah, United Arab Emirates-based company, it said in a statement to the Abu Dhabi bourse yesterday. The company said it is working with Egyptian authorities to expedite repayment.