Dana Gas CEO set to retire in September

Ahmed Al-Arbeed will remain on the board of directors, says UAE-based natural gas firm
Dana Gas CEO set to retire in September
Ahmed Al Arbeed, Dana Gas CEO
By Reuters
Sat 28 Apr 2012 10:20 AM

Dana Gas, which has retained advisors to assess options for $1bn in debt maturing this year, has said 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 AED147m ($40m), according to Reuters calculations. It had profit of AED59m in the year-ago period.

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