GAS board recommends up to 200,000 treasury shares buyback

Logo of Gas Arabian Services Co.

Gas Arabian Services Co.’s (GAS) board of directors recommended, on Nov. 7, to repurchase up to 200,000 shares maximum, as treasury shares, according to a Tadawul filing.

This will be implemented if the company’s board, or its delegate, believes that the market value of shares is less than their fair value.  

The share repurchase will be financed from GAS internal cash resources, including its available cash or credit facilities, the statement added, indicating that the company does not hold any treasury shares at the moment. 

The share repurchase recommendation is subject to the approval of the upcoming extraordinary general meeting (EGM), the date for which will be determined later, in line with the Companies Law.  

The company shall fulfill all the regulatory requirements in line with the Saudi Companies Law and submit a solvency report by the auditor.  

GAS indicated that the repurchased shares are not entitled to vote in the general meetings.