GAS Arabian Services Company had announced that it has received the go-ahead from the company's board of directors for the transfer of its entire 50% stake in joint venture FS Elliott Services Saudi Arabia Limited to FS Elliott Saudi Arabia Limited.

GAS said the transferee, FS Elliott Saudi Arabia Limited, is equally owned by GAS Arabian Services and FS Elliott Middle East LLC, with each holding a 50% stake.

Following the transfer, GAS will continue to hold an indirect 50% interest in FS Elliott Services Saudi Arabia through FS Elliott Saudi Arabia Limited, said the Saudi company in its filing to Tadawul.

The transfer is part of a review of GAS's investments and joint venture structures aimed at streamlining operations under a unified corporate framework, it stated.

GAS and FS Elliott Middle East have agreed to complete the required statutory procedures to register the ownership transfer with the relevant Saudi authorities, including the Ministry of Commerce and the Ministry of Investment.

The transaction is not expected to have a material financial impact on GAS's consolidated financial statements because its effective indirect economic interest will remain unchanged at 50%, it added.-TradeArabia News Service