Dana Gas has bought back around 3.6 million of the company’s shares on September 22, at an average price of about AED 0.95 per share, Mubasher reported.
The transactions came in line with the company’s buy-back program, which was previously approved by the Emirati Securities and Commodities Authority (SCA), according to a company statement to the Abu Dhabi Securities Exchange (ADX).
Collectively, the repurchased shares make for roughly a 0.052% stake of the company’s shares.
Moreover, the company’s board of directors is scheduled to meet on September 25 to review the company’s activities in Egypt, the UAE, and Iraq.
Dana Gas is receiving several offers from companies interested in acquiring its asset portfolio in Egypt.
The UAE-based company is evaluating the received offers and their expected return, as it plans to make a decision based on its strategic review of their assets in Egypt.
Dana Gas is planning to dedicate its focus on developing its production assets in the Kurdistan Region of Iraq (KRI) after discovering huge hydrocarbon resources.