Dana Gas adds new IR director

May 13, 2013
<p>Sharjah-based natural gas producer seeks to improve communication and transparency&nbsp;</p>

Dana Gas has added Robinder Singh as investor relations director following the firm’s $1 bn Islamic bond restructuring plan.

Singh will now oversee the strategic communications at Dana Gas, as the Abu Dhabi-listed firm seeks to become a ‘leading company’ in transparency and shareholder communications. He brings 20 years’ investor relations, marketing and corporate communications, product management and business development experience to the role, having previously served at Reliance Industries, HSBC and Bank of America.

During his time at Reliance Industries, Singh ‘played a vital role communicating major financial transactions, developing investor support for large-scale capital raising programs and a range of mergers and acquisitions,’ according to Dana. He also gained ‘significant exposure to Asian, Middle Eastern, European and US markets working on cross-border transactions, as well as managing teams in multiple jurisdictions.’

‘With the financial restructuring behind us [Singh] will ensure we strengthen our relationships with the investment community and the energy sector, as well as the wider market,’ says Rashid Al Jarwan, the company’s executive director and acting CEO, in a press statement.

Dana had sought new terms on its debt after late payments from Egypt and Iraqi Kurdistan caused cashflow problems last year. A refinancing deal was secured after Dana Gas missed its sukuk (Islamic bond) repayment and completed last week.

Talking about the restructuring deal in a media statement last week, chairman Dr Adel Al-Sabeeh, said: ‘The completion of the financial restructuring is an important step and this will underpin our strategic growth plans in Kurdistan, Egypt and the eastern Mediterranean.’ He added that the finalized deal put Dana Gas ‘in a stronger financial position’.

Last month, the company won the rights to develop a new offshore concession in Egypt’s Nile Delta even as the Egyptian government continued to struggle with its debts to the firm. ‘The award of this concession demonstrates Dana Gas’ confidence in Egypt over the long term,’ said Al-Jarwan. ‘We continue to engage in a constructive dialogue with government entities and the Ministry of Petroleum to resolve the issue of the outstanding receivables.’

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