Crescent Petroleum has been granted permission to raise its stake in Dana Gas to more than 20% and retain its position as the largest founding shareholder. The Sharjah-based energy company said in a statement on Tuesday that it has permission to acquire additional shares in Dana Gas as an insider. The share purchase follows the dilution of Crescent’s holding following the conversion of Dana convertible Sukuk shares, the statement said. Dana Gas announced in May that it had reached an agreement with a committee of Sukuk holders to restructure and refinance the USD700mn (AED2.57bn) Sukuk after downsizing it to USD530mn. The new Sukuk will have a three-year life with a new annual profit rate of 4% and matures in October 2020. It is now listed on Euronext Dublin, previously known as Irish Stock Exchange. The company said in a statement last month that all legal proceedings had been completely brought to an end by the parties to the Sukuk litigation in all jurisdictions.