Gas Arabian Services shareholders approve 30% dividend for 2023

Logo of Gas Arabian Services Co. (GAS)

Shareholders of Gas Arabian Services Co. (GAS) approved the board’s recommendation to pay a cash dividend at 30% of capital, or SAR 0.30 a share, for 2023.

This came during the company’s extraordinary general meeting (EGM), held on May 14, according to a statement to Tadawul.

Shareholders also authorized the board of directors to pay an interim dividend on a semi-annual or quarterly basis for the year ending Dec. 31, 2024.

In addition, they approved reallocating 314,900 shares of the company’s capital to the employee stock program.

Shareholders also agreed to add transportation and storage activities to Article 3 of the company's bylaws, which governs its purposes.

Furthermore, they approved amending Article 40, which governs profit distribution, by deleting the first paragraph, which stated that 10% of net profits shall be allocated to the company's statutory reserve, and the ordinary general meeting may decide to hold this allocation when the aforementioned reserve reaches 10% of paid capital.