GASCO shareholders approve 14% dividend for FY17

The National Gas and Industrialization Co.’s (GASCO) shareholders on Wednesday approved the distribution of a 14 percent dividend (SAR 1.4 per share) for 2017, amounting to SAR 105 million.

During the company’s general assembly meeting, shareholders also approved suspending the routine transfer of 10 percent of annual net income to statutory reserve, after the reserve reached 36 percent of capital, GASCO said in a bourse statement.

In addition, the assembly approved a related party transaction to take place with Saudi Gas Cylinder Factory, which is 37.57 percent-owned by GASCO. The transaction is valued at SAR 59.28 million for one year.

Shareholders also voted on the remuneration policy for board members, committees, and executive management; updated charter of the nominations and remuneration committee; and amending various articles of association.