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Saudi Arabia’s National Gas and Industrialisation Co (GASCO) has signed an agreement to acquire 55 percent of the ownership of Best Gas Carrier Co.
GASCO said Best Gas Carrier Co is a limited liability company owned by one person and its agreement is with seller Mohammed bin Manahi bin Muneer Albuquami.
The company said in a statement to the Saudi Stock Exchange, Tadawul, that it had agreed to buy a 55 percent share in Best Gas as well as make a capital injection, in a transaction worth a total of SAR 29.2 million ($7.77 million).
Best Gas is engaged in purchasing liquefied petroleum and empty gas cylinders and their parts from GASCO and reselling them to end users, the statement said.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
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