GAS approves transfer of entire stake in associate to FS Elliott Saudi Arabia

GAS will retain an indirect 50% economic interest in FS Elliott Saudi Arabia Services following the transfer

GAS Arabian Services Co. (GAS) stated that its board of directors approved today, Sept. 22, the transfer of its entire ownership in its associate, FS Elliott Services Saudi Arabia Ltd to FS Elliott Saudi Arabia Limited.

FS Elliott Services Saudi Arabia is equally owned by GAS and FS Elliott Middle East.

The company said in a statement on Tadawul that it will continue to hold an indirect 50% stake in FS Elliott Services Saudi Arabia Ltd through FS Elliott Saudi Arabia Ltd.

The decision follows the company’s ongoing review of its investments and assessment of the affairs and procedures of its associates. It complies with its strategy to manage and enhance the efficiency of its investments in associates.

The partners — GAS and FS Elliott Middle East LLC — agreed to transfer the entire ownership to consolidate operations under a unified corporate structure.

The partners will complete all necessary regulatory procedures with the relevant authorities in Saudi Arabia, including the Ministry of Commerce and the Ministry of Investment, to document and formalize the ownership transfer.

GAS noted that the transaction is not expected to have a material financial impact on its consolidated financial statements, as its actual indirect economic interest will remain unchanged at 50%.