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Dana Gas mulls demerging upstream operations into separate entity

first_imgShould the demerger be carried out, then existing shareholders of Dana Gas will hold shares in the two separate firms, which will be listed on the ADX Dana Gas launches feasibility study for possible demerger of upstream business. (Credit: Dana Gas PJSC) UAE-based Dana Gas has revealed plans to launch a feasibility study to explore a possible demerger of its upstream operations into a new company.The demerged company will also be listed on the Abu Dhabi Stock Exchange (ADX).Currently, the company’s upstream oil and gas producing assets include a subsidiary in Egypt and a 35% stake in an exploration and production focused business in Kurdistan called Pearl Petroleum.Dana Gas’ midstream business includes the UAE gas project, which is presently under arbitration, reported Khaleej Times. According to the publication, two separate damages claims are being made pertaining to the 2005-2014 and 2014-2030 periods.Should the demerger be carried out, then existing Dana Gas’ shareholders will hold shares in the two separate firms, which will be listed on the ADX.The company said that its upstream and the midstream units have quite distinguished investment prospects, which is why its board thinks that there are various benefits to be realised by shareholders from structuring them as separate listed businesses.Dana Gas chairman comments on the potential demerger of the upstream businessAs per Dana Gas chairman Hamid Jafar, the proposed demerger could deliver value to the company’s shareholders. Furthermore, the upstream business, which is said to have significantly grown in the last 13 years, is expected to generate growth in the coming years.Hamid Jafar said: “A pure-play upstream company may attract significant new investment both locally and internationally linked to future production growth. A pure-play midstream business would be more stable and have less exposure to commodity price changes.“The demerger would provide the option to shareholders to remain invested in either or both companies at their discretion, each company having its own business strategy and opportunities.”last_img read more

United ponder badge change

first_img Press Association “I described it to our staff that we are a 135-year-old club and that’s what you have to remember. We are a football club, a club with a capital C. “Strapped to that is a commercial business that’s going to fund a lot of the player purchases going forward here and we have to be supportive of both. “We’ve got to make sure they co-exist together but don’t impact each other and that’s where we are trying to balance it.” After replacing David Gill in the chief executive role at the beginning of the month, Woodward is on a steep learning curve. He is leading the attempt to sign Cesc Fabregas from Barcelona, whilst he might also be bracing himself for a transfer request from Wayne Rooney, who is said to be unmoved over his desire to complete the transfer of the summer by joining Chelsea. Initially appointed by the Glazer family to expand their commercial operation, Woodward works closely with the much-derided American family, whom he insists have no intention of selling the club despite reports of interest from Qatar. “They are long-term owners,” said Woodward. “They first bought the club eight years ago and there won’t be any change for many, many years.” Manchester United’s executive vice-chairman Ed Woodward is considering whether to re-introduce the words ‘football club’ to the Red Devils’ badge.center_img The words were controversially removed in 1998 following an image change, irritating many supporters. Now Woodward, who returned early for United’s pre-season tour on “urgent transfer business” has been consulting with the Glazer family about reversing that move. Speaking to Sunday newspapers, Woodward said: “I didn’t like that change of badge. (Joint-chairman) Joel (Glazer) didn’t like that change. We will look at that and have a think about that. We are a football club, not a business. last_img read more

Arsenal 0 – 2 Schalke

first_imgArsenal’s limitations were exposed by an impressive Schalke 04 as they slumped to Champions League defeat at Emirates Stadium.The Bundesliga side took control of Group B as goals in the final 15 minutes from Klaas Jan-Huntelaar and Ibrahim Afellay gave the Germans a victory their superiority fully deserved.With Arsene Wenger in the directors’ box serving the final game of a three-match touchline ban and assistant Steve Bould in charge on the touchline, Arsenal never made any serious impression on a night of sheer frustration.And once Schalke worked out Brazilian left-back Andre Santos was the glaring weak link in the Arsenal line-up, they probed ruthlessly and to great effect to end the Gunners’ 100% record in the competition.Arsenal will still feel confident of qualification for the knockout phase after victories over Montpellier and Olympiakos – but Schalke are now in pole position to take top spot in the group and potentially earn an easier draw in the last 16. It was a tough night for Arsenal and Wenger as Schalke showed a potency in attack that was way beyond anything the hosts could offer, a fact reflected in the loud jeers that rang around the ground at the final whistle. Gervinho was entrusted with the attacking responsibilities with Olivier Giroud left on the bench, but he struggled throughout and was eventually put out of his misery with a substitution.Arsenal survived a scare after 20 minutes when Afellay, on loan from Barcelona, went down in the area under a challenge from goalkeeper Vito Mannone after a slight hesitation from Carl Jenkinson – but referee Jonas Eriksson ruled that the winger had dived and he was punished with a yellow card.Opportunities were at a premium and when Gervinho did break away he was isolated and crowded out by Schalke defenders as he attempted to work his way into the box.Schalke were targeting the wayward positioning of Santos but were running into a formidable barrier in the shape of Germany defender Per Mertesacker, whose performance was exemplified by a brave block from a Jefferson Farfan shot.Santos was nowhere to be seen as Atsuto Uchida broke into the area and Arsenal were fortunate the normally lethal Huntelaar was wayward with his finish at the near post. And in another break into the same left-flank territory just after the break, Benedikt Howedes should have done better than fire over the top from Farfan’s cross.Gervinho was feeling the frustration of Arsenal’s fans but he almost created the opener with a direct run and cross – but no colleagues were waiting to apply the final touch as the ball flashed across goal.There was to be no further opportunity for Gervinho to redeem himself as he was replaced by Giroud in an attempt to inject impetus into the hosts’ attack.Schalke had been the more threatening team throughout and it was no surprise when they took the lead with 14 minutes left. Santos was once again culpable, playing Huntelaar on side as he chased Afellay and this time the Netherlands striker made no mistake.Afellay completed the job with four minutes left, converting the simplest of chances after Farfan had once again embarrassed the labouring Santos.last_img read more