Goldilocks inks deal to raise Dana Gas stake to 5%

Investment company says it has acquired 350 million shares in Abu Dhabi-listed energy firm
Goldilocks inks deal to raise Dana Gas stake to 5%
Dana Gas
By Staff writer
Mon 19 Jun 2017 07:02 PM

Goldilocks Investment Company announced on Monday that it has acquired 350 million shares in the Abu Dhabi-listed natural gas company, Dana Gas.

The investment brings Goldilocks’ shareholding in Dana Gas to 5 percent, a statement said without giving a value to the deal.

Goldilocks said it aims to generate above-average returns while minimising the risk on capital.

Dana Gas profit nearly doubled in the first quarter as the UAE-based natural gas producer boosted output, it said last months.

Net income rose to AED40 million ($11 million) from AED22 million a year earlier.

Dana Gas, which pumps most of its gas at fields in Egypt and Iraq, is seeking to recover payments from both countries for overdue bills. The company was owed $1 billion from Egypt and the self-governed Kurdish region in northern Iraq at the end of the quarter.

The Goldilocks Investment Company was set up last year by Abu Dhabi Financial Group (ADFG).

The AED735 million ($200 million) ADFG-managed Goldilocks fund aims to seek out equities with a "compelling risk/reward profile", the company said in a statement at the time.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.