Saudi Arabia’s GASCO plans new subsidiary to foster LPG business

Saudi Arabia’s GASCO plans new subsidiary to foster LPG business

Saudi Arabia's National Gas and Industrialisation Company (GASCO) will set up a fully-owned subsidiary in Riyadh to expand its LPG business.The new entity, which is yet to obtain the necessary approvals and permits, will specialise in establishing and building LPG networks and tanks, the company said in a bourse filing to the Saudi Stock Exchange (Tadawul).It will also develop LPG products and solutions and provide related technical and engineering consultancy services.“GASCO announces the approval of the board of directors … to incorporate, upon obtaining the required approvals and licences from the relevant authorities, a subsidiary LLC (100 percent) owned, with its registered office in Riyadh,” the statement said.According to GASCO, the move comes in line with its strategy to upgrade services and solutions provided to LPG customers across the kingdom.The company's net profit for the third quarter of 2020 posted a decline of 74 percent compared to the same quarter in 2019.(Writing by Cleofe Maceda; editing by Seban Scaria)([email protected])Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.  © ZAWYA 2021