Gas Arabian Services Co. (GAS) shareholders will vote on reducing the stock par value from SAR 10 to SAR 1, during an extraordinary general meeting (EGM), scheduled to be held on Aug. 8, according to a Tadawul statement.
Accordingly, the number of the company's shares will increase to 158 million, from SAR 15.8 million, while the capital will remain unchanged.
Shareholders will also vote on the buyback of 100,000 shares for the employee stock incentive plan.
Such shares will be held for no more than 10 years from the EGM date. Once the period lapses, the company will follow the rules and procedures stipulated in the relevant laws and regulations.
The board will be authorized to determine the terms of the plan, including the allocation price for each share offered to employees if offered for consideration.
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