Gas Arabian Services Co. Announces The Board'S Resolution To Transfer Its Entire Equity Stake In Its Joint Venture, Fs Elliott Services Saudi Arabia Limited, To Fs Elliott Saudi Arabia Limited

Announcement Detail: GAS Arabian Services Co. (GAS) announces the Board's Resolution on 22/09/2026 (corresponding to 11/04/1448), approving the transfer of the entire ownership in its joint venture, FS Elliott Services Saudi Arabia Limited, which is equally owned by GAS Arabian Services Co. (50%) and FS Elliott Middle East LLC (50%), to FS Elliott Saudi Arabia Limited.

The transferee company, FS Elliott Saudi Arabia Limited, is owned in equal proportions by GAS Arabian Services Co. (50%) and FS Elliott Middle East LLC (50%). Consequently, GAS Arabian Services Co. will still continue to hold a 50% ownership interest in FS Elliott Services Saudi Arabia Limited indirectly through FS Elliott Saudi Arabia Limited.

This decision is part of GAS’s ongoing review of its investments and assessment of the position and procedures of its joint ventures, in line with GAS’s approach to managing and enhancing the efficiency of its investments in its joint ventures, and to streamline operations under a unified corporate framework, both partners (GAS and FS Elliott Middle East LLC) have mutually agreed to transfer the entire equity stake. The partners will complete all necessary statutory procedures before the competent authorities in the Kingdom of Saudi Arabia, including the Ministry of Commerce and the Ministry of Investment (MISA), to reflect the transfer of ownership.

The transaction is not expected to have any material financial impact on the GAS’s consolidated financial statements, as the effective indirect economic interest of GAS remains unchanged at 50%.