GAS shareholders approve 22.5% cash dividend for 2022, share buyback

Logo of Gas Arabian Services Co.

Gas Arabian Services Co.’s (GAS) shareholders approved the board’s recommendation to pay a cash dividend at 22.5% of the capital, or SAR 2.25 a share, totaling SAR 35.55 million for 2022, during the extraordinary general meeting (EGM), held on April 10, according to a statement to Tadawul.

Shareholders also approved the buyback of 200,000 shares maximum to be retained as treasury shares, as the stock is priced below its fair value. The share repurchase will be financed through the company’s own resources using cash or credit facilities.

The board was authorized to finalize the buyback in 12 months maximum from the EGM decision. The shares will be retained for no more than five years.

During the meeting, the board was authorized to pay interim dividends for 2023 on a semi-annual or quarterly basis.