15 hours ago
GAS, Italy's Bonomi sign JV to build Saudi valve plant
Gas Arabian Services Co. (GAS) signed a joint venture (JV) agreement with Italy's Bonomi Co. on June 21 to establish a valve manufacturing limited liability company (LLC) under the name 'Bonomi Saudi Arabia Factory LLC,' according to a statement to Tadawul.
The new entity will be based in Saudi Arabia and initially capitalized at SAR 5 million. Bonomi will hold a 60% stake, while GAS will own the remaining 40%.
GAS said it will finance its SAR 2 million share of the investment from its own resources.
The company expects the JV to have a positive long-term financial impact. The establishment of the new entity remains subject to regulatory approvals and the fulfillment of conditions outlined in the partnership agreement.
