Dana Gas sukuk offering upsized to $1b due to strong investor interest

This is the second increase from the initial issue size of $750 million following continuing strong demand, primarily from international investors, according to a Press statement. JPMorgan acted as sole bookrunner and lead manager of the offering. Barclays Capital and Citi were acting as joint lead managers. Hamid Jafar, executive chairman of Dana Gas, said: "We are delighted by the continued enthusiasm for our sukuk offering which has encouraged us to increase the size of our issue for a second time. This clearly demonstrates the strength of international investor support for Dana Gas's business and strategy, and for its unique position in the fast-growing Middle Eastern gas sector."

Dana Gas has issued its innovative sukuk as part of its strategy to put in place the most optimal structure to fund its rapid growth and expansion in the natural gas business sector. Worldwide Islamic banking assets currently total around $500 billion and are growing at over 15 per cent per annum with Islamic banks and financial institutions managing over $250 billion of assets.