Riyadh – Mubasher: National Gas Industrialization Company (GASCO) has signed an agreement to acquire a 55% stake in Best Gas Carrier Co. in exchange for SAR 29.12 million.

The value of the transaction, subject to the approval of the General Authority for Competition and any other regulatory approvals, will be funded from GASCO's resources and cash flows, according to a bourse filing on Wednesday.

The Best Gas Carrier Co. is specialised in purchasing liquefied petroleum gas and empty gas cylinders and their parts from GASCO and reselling them to the end-user.

It is noteworthy to mention that in late December 2021, the board of GASCO approved to enter negotiations with Best Gas Carrier Company to acquire equity in the latter.