GASCO approves negotiation on acquiring shares of Best Gas Carrier

GASCO building

Saudi Arabia's National Gas and Industrialization Co.'s (GASCO) board of directors approved, on Dec. 27, negotiating with Best Gas Carrier Co., a sole proprietorship, on acquiring shares of the latter, according to a bourse statement.

The board delegated the investment committee to oversee negotiations, evaluate the investment opportunity and complete the associated regulatory requirements.

The negotiation does not imply any deal finalization between the two parties. In case of reaching an agreement, the deal will be subject to the regulatory requirements and approvals.

Further, GASCO cannot gauge the financial impact currently, and further updates will be announced in case of any progress.

The Best Gas Carrier, sole proprietorship with limited liability, buys gas filled cylinders and empty cylinders with their accessories from GASCO to resell them to the end-consumers.

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