Gasco authorizes board to distribute interim dividends for 2025

National Gas and Industrialization Co. (Gasco) announced on Wednesday the results of its Ordinary General Assembly Meeting (Second Meeting), during which shareholders approved authorizing the Board of Directors to distribute interim dividends on a semi-annual or quarterly basis for the fiscal year 2025.

The voting results on the meeting agenda were as follows:

1. The Board of Directors’ report for the fiscal year ending December 31, 2024, was reviewed and discussed.

2. Shareholders approved the auditor’s report for the fiscal year 2024 after discussion.

3. The financial statements for the fiscal year ending December 31, 2024, were reviewed and discussed.

4. PwC was appointed to review and audit the company’s financial statements for the second and third quarters of fiscal year 2025, the first quarter of 2026, the annual financials for 2025, the second and third quarters of 2026, the first quarter of 2027, and the annual financials for 2026, at a total fee of SAR 1.91 million, based on the Audit Committee’s recommendation.

5. Approval was granted to authorize the Board of Directors—with the powers of the Ordinary General Assembly—to issue the authorization stated in paragraph (1) of Article 27 of the Companies Law. The authorization will be valid for one year from the assembly date or until the end of the Board’s term, whichever comes first, in accordance with applicable regulations.

6. Shareholders approved disbursing SAR 3.6 million as remuneration to board members for the fiscal year ending December 31, 2024.

7. Approval was given for a transaction between the company and The Saudi Investment Bank, in which Board Member Mr. Ahmed Al-Mohsen has an indirect interest. The transaction involves the purchase of USD-denominated Additional Tier 1 perpetual capital sukuk issued on November 27, 2024, with a total value of USD 10 million (SAR 37.5 million) and an expected annual return of 6.375%. The sukuk are non-tradable, have a maturity of 5.5 years, and include no preferential terms.