GAS sells under-construction building to major shareholder for SAR 11.2 mln

31/10/2022 Argaam

Logo of Gas Arabian Services Co.

Gas Arabian Services Co. (GAS) announced selling an under-construction building worth SAR 11.2 million to Future Prospects for Operation and Maintenance Co., adding that the asset's book value is SAR 11.2 million, the company said in a statement to Tadawul.

 

The transaction proceeds will be used for the replacement of this project to a better and prime location, it added.

 

The company also noted that there are related parties, as Future Prospects for Operation and Maintenance Co. is a major shareholder.

 

Future Prospects for Operation and Maintenance Co. owns a 18.04% stake in the company's capital.

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