GASCO shareholders to vote on halting profit transfer to statutory reserve Jan. 29

National Gas and Industrialization Co.’s (GASCO) shareholders will vote on Jan. 29, on suspending transfer of 10 percent from the company’s net profit to statutory reserve, which currently stands at 36 percent of capital, as of the 2017 financial results.

The general assembly will also vote on the SAR 1.4 cash dividend distributed for fiscal year 2017, at 14 percent of capital, totaling SAR 105 million, the gas producer said in a bourse statement on Wednesday.

The board will be also authorized to pay quarterly or biannual dividends for fiscal year 2018.

Shareholders will vote on the remuneration policy for the board, committees, and executive management.

Other items on the agenda include voting on the updated policies of the nomination & remuneration committee, as well as the board membership, the statement added.