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Gas Arabian Services Co. Announces the signing of a Joint Venture Agreement with BONOMI Company, Italy to establish a manufacturing company in KSA for valves manufacturing.
| Element List | Explanation |
|---|---|
| Announcement Detail | Gas Arabian Services Co. (GAS) announces the signing of a Joint Venture Agreement on 21-06-2025 with BONOMI Company, Italy to establish a limited liability company (The New Company) for manufacturing of valves under the company name “BONOMI Saudi Arabia Factory LLC”. The New Company will be headquartered in the Kingdom of Saudi Arabia. The New Company’s capital will amount to SAR 5 million upon establishment, with 60% ownership for BONOMI Company, Italy and 40% ownership for GAS. GAS will finance its share of this investment, totaling SAR 2 million, from its own resources. The New Company is expected to have a positive overall financial impact on GAS in the long term. However, the establishment of the new company is dependent on obtaining customary regulatory approvals, and satisfactory completion of the conditions in the Joint Venture Agreement. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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