GASCO shareholders to vote on transferring SAR 45.6 mln to offset accumulated losses on June 4

The National Gas and Industrialization Co.’s (GASCO) shareholders will vote on the board’s recommendation to transfer a surplus of SAR 45.55 million from the statutory reserve to offset accumulated losses, during the ordinary general meeting that will be held on June 04.

Shareholders will also vote on the board of directors’ decision on the cash dividends distributed for the second, third and fourth quarter of the fiscal year 2019 with a total amount of SAR 146.25 million, or SAR 1.95 per share, representing 19.5% of the company's capital, the company said in a bourse filing on Tuesday.

Additionally, they will vote on granting the board of directors the powers of the general meeting - as per the Companies Law - for one year from the general meeting date or until the end of the current board term, whichever comes first.

According to data compiled by Argaam, the external auditor’s report for the fourth quarter of 2019 clarified that GASCO distributed cash dividends of SAR 195 million based on the preliminary estimates, which led to the company incurring accumulated losses of SAR 104 million by the end of December 31, 2019.