GASCO shareholders approve transferring SAR 45.6 mln to offset accumulated losses

The National Gas and Industrialization Co.’ (GASCO) shareholders approved the recommendation of the board of directors to transfer a surplus of SAR 45.55 million from the statutory reserves to offset accumulated losses, during the ordinary general assembly meeting held on June 4.

The company said in a bourse statement that shareholders also approved the cash dividends distributed for the second, third, and fourth quarters of the fiscal year 2019, valued at SAR 146.25 million (or SAR 1.95 per share), representing 19.5% of the company's capital.

According to data compiled by Argaam, the external auditor’s report for Q4 2019 clarified that GASCO distributed cash dividends of SAR 195 million based on the preliminary estimates, which led to the company incurring accumulated losses of SAR 104 million by the end of December 2019.