GAS to purchase max of 200,000 shares of its own and keeps them as treasury shares

Gas Arabian Services Co. (GAS) announced on Monday its Board of Director’s resolution to recommend to the Extraordinary General Assembly to approve the purchase of its shares for the purpose of keeping them as treasury shares, with a maximum number of 200,000 shares.
The company said in a statement on Tadawul on Monday the purchase of shares will be financed by the company’s own resources using its cash or credit facilities.
Extraordinary General Assembly consent must be obtained for the purchase, also conditions of financial appropriateness as provided in paragraph three of article twelve of the regulatory standards and procedures issued pursuant to the companies’ law shall be met.
The purchased shares shall not have voting rights in the general assembly’s meetings.
The company will meet all the conditions of financial solvency mentioned in the third paragraph of Article twelve of the Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock Companies., and a report issued by the company’s external auditor will be submitted, according to the requirements of this paragraph, with the attachments of the invitation to the Extraordinary General Assembly.