Riyadh – Mubasher: Gas Arabian Services’ board of directors has approved the transfer of its entire ownership interest in its associate, FS-Elliott Saudi Services Limited, to FS-Elliott Saudi Arabia Limited.
Prior to the transfer, FS-Elliott Saudi Services Limited was owned equally by Gas Arabian Services and FS-Elliott Middle East LLC, with each holding a 50% stake.
The receiving entity, FS-Elliott Saudi Arabia Limited, is also owned 50% by Gas Arabian Services and 50% by FS-Elliott Middle East LLC.
Consequently, Gas Arabian Services will maintain its 50% effective economic interest in FS-Elliott Saudi Services Limited indirectly through its holding in the parent entity.
The company stated that the decision follows a review of its investment portfolio aimed at enhancing efficiency and unifying operations within a single corporate framework.
Gas Arabian Services confirmed that the transaction is not expected to have a material financial impact on its consolidated financial statements.
The partners will now proceed with regulatory requirements through the Ministry of Commerce and the Ministry of Investment to document the transfer of ownership.
