Dubai: Dana Gas said on Wednesday that it holds $6 million (Dh22 million) in investments in Abraaj Infrastructure Fund, a fund managed by an affiliate of Abraaj Investment Management.

The company said the investment is already part of its balance sheet and has been disclosed in its financial statement for the first quarter. It confirmed that it “does not have any equity or credit exposure to Abraaj Holding or Abraaj Investment Management.”

“Dana Gas hereby clarifies that, other than the $6 million exposure in the Abraaj fund, it has no other exposure to Abraaj Group,” the company said in a statement to the Abu Dhabi bourse where it is listed.

Abraaj earlier this month filed for provisional liquidation in the Cayman Islands, a move that raised concerns among investors about other companies that may have exposure to the embattled group.

Exposure to the group (via loans, for example) is different from having investments in its funds, as the performance of these funds is only impacted by the asset class in which they invest rather than the liquidity status of the group.

Following the disclosure, Dana Gas’ share prices ended the day per cent 0.95 per cent lower, after falling as much as 5.7 per cent during trade hours. The stock was among the most actively traded on the Abu Dhabi bourse.

The statement from Dana Gas comes after the Securities and Commodities Authority (SCA) asked listed companies to declare any exposure they might have to the embattled Abraaj Group.

Relationship

On Wednesday, developer Union Properties confirmed that it does not have “any investments in The Abraaj Group or any of its projects or funds, and there is no relationship between the company and The Abraaj Group in this regard.”

Besides Dana Gas and Union Properties, the only other listed company that has disclosed any ties to Abraaj is Air Arabia, which said it has $336 million in exposure to funds under Abraaj.

Last week, the Sharjah-based carrier said this exposure was through fund portfolios and short-term investments, without providing further details on those investments. Air Arabia stressed that the exposure will not have a significant impact on its daily or future business or on its liquidity status.

Dubai-listed Mashreq is one of a group of lenders that have reportedly provided money to Abraaj on a bilateral basis under secured loans, but it has not disclosed any details on that loan. Other lenders include Dubai-listed Commercial Bank of Dubai, UAE-based Noor Bank, and French bank Societe Generale.

Other listed companies are yet to disclose whether they have any exposure to Abraaj.