Saudi competition authority rejects GASCO’s bid to acquire 55% stake in Best Gas Carrier

Saudi Arabia’s General Authority for Competition has rejected GASCO’s acquisition deal with Best Gas Carrier. (Supplied)

RIYADH: Saudi Arabia’s General Authority for Competition has rejected National Gas and Industrialization Co.’s, or GASCO’s, acquisition deal with Best Gas Carrier Co., a bourse filing revealed.

Earlier in February, Saudi-listed GASCO signed a deal to invest SR29 million ($7 million) and take a majority stake of 55 percent in Best Gas Carrier.

Best Gas Carrier operates by purchasing gas-filled and empty cylinders from GASCO and reselling them to end-users.