National Gas & Industrialization Co.’s (GASCO) shareholders have approved the related party transactions that took place with its 37.5 percent affiliate, The Saudi Gas Cylinder Factory, the company said in a bourse statement.
The deal is related to manufacturing and supplying gas tanks and cylinders at a value of SAR 130.06 million to meet the company’s clients needs during the period from May 23, 2019 until May 22, 2022.
The agreement was concluded within the regular business context without any favorable terms, the statement added.
Meanwhile, shareholders have elected members of the board of directors for the upcoming three-year term starting on November 29, 2019.
The new board includes Abdul Rahman Abdul Aziz Bin Soliman, Ahmed Abdulrahman Abdulaziz Al Mohsen, Mohamed A. Al-Sediri, Abdul Aziz Ibn Fahd Al Khayyal, Mohammed Hamad rashed Al-Kathiri, Bakr Abdul Rahman Abdul Kareem, Raed Abdullah Ibrahim Al-Hugail, Mohammad Nazzal Alkhaldi, Raed Abdullah Saleh Al Tamimi and Ali Mohammed Ali Al-Saflan.
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