GAS shareholders approve reducing stock par value to SAR 1

Logo of Gas Arabian Services Co. (GAS) 

Gas Arabian Services Co. (GAS) shareholders greenlit reducing the stock par value from SAR 10 to SAR 1 during the extraordinary general meeting (EGM) held on Aug. 8.

The company said its capital will not be changed before and after the stock split, according to a Tadawul statement.

The decision will be applied to the share price starting from the second trading day following the EGM, provided that the number of shares in shareholders' portfolios will be applied at the end of the second trading day following the EGM.

Shareholders approved the employee stock incentive plan and authorized the board of directors to determine the terms of this program, including the allocation price for each share offered to the employees if it is for a fee.

In addition, shareholders approved the buyback of a maximum of 100,000 shares to be allocated to the employee stock incentive plan, provided that the purchase is financed from the company’s own resources.

The board was also authorized to finalize the purchase transaction within no more than 12 months from the EGM resolution date. Such shares shall be held for a period not exceeding 10 years from the EGM date.

After the end of this period, the company will follow the rules and procedures stipulated in the relevant laws and regulations.

In a separate statement, the Saudi Exchange (Tadawul) announced setting GAS fluctuation limits at a share price of SAR 7.10 today, Aug. 9, and cancelled the outstanding orders.

The Securities Depository Center (Edaa) will deposit the split shares into shareholders' portfolios before the start of trading on Aug. 13.