CHEMANOL to increase Capital for SR550.49 mln

Methanol Chemicals Company (CHEMANOL) announced on Tuesday it has submitted on 04/10/2021, an application file to the Capital Market Authority in order to increase capital by offering rights issue amount of SR550, 491,370.

This comes with reference to its announcement dated 10/08/2021 regarding the Board of Directors’ recommendation dated on 09/08/2021 to increase capital by offering rights issue, Methanol Chemicals Company said.

“The company submitted on Monday 04/10/2021, the Application File for such increase to the Capital Market Authority for approval.” it said.

Based on the statement, Al Wasatah Al Maliah Company (Wasatah Capital) has been appointed as the financial advisor for the offering.

The company will announce later any developments in this regard.