GAS approves voluntary liquidation of associate

GAS approves the voluntary liquidation of its 40%-owned associate Elster Instromet Saudi Arabia

GAS Arabian Services Co. (GAS) stated that its board of directors approved today, Sept. 22, the commencement of voluntary liquidation procedures for its associate, Elster Instromet Saudi Arabia Co. Ltd.

GAS holds a 40% stake in Elster.

The company said in a Tadawul statement that the decision follows its ongoing review of investments and assessment of the affairs and procedures of its associates.

GAS also complies with its strategy to manage and enhance the efficiency of its investments in associates, based on an agreement between the partners — GAS and Elster NV/SA — to cease operations and liquidate the associate’s assets.

The company added that the partners will take all necessary legal measures to complete the liquidation process in accordance with applicable laws and regulations.

It noted that the liquidation is not expected to have a material financial impact on its financial statements. Any financial impact will be recognized in the company’s consolidated financial statements once all liquidation procedures are completed.