‎“Chemanol” completes acquiring 84% of “Aldar ‎Chemicals”shares

Methanol Chemicals Company “Chemanol” announced the completion of the due diligence financial and legal examination procedures, the technical study carried out by a company specializing in specialty chemicals, the financial study prepared by a specialized financial consultant, and the signing of a Share Purchase Agreement (SPA) with the owners Aldar Chemicals Company, in exchange for an amount of 46.2 million riyals, to be paid partially and over time in accordance with the conditions mentioned in the purchase agreement (SPA), based on the achievement of a number of performance indicators that were agreed upon and that achieve the targeted return on investment. ‎

The company explained in a statement on Tadawul Today that, through this acquisition, it will aim to expand its share in the specialty chemicals market and diversify its product basket in line with its strategic and expansion plans.

It pointed out that the acquisition process enhances the company’s business and products, which are not affected by fluctuations in the prices of feedstocks and the economic cycles of the petrochemical market. It also contributes to reducing production costs in the acquired company through the integration of its services with Chemanol’s services, in addition to Chemanol providing it with some Materials required for its production operations, as well as the involvement of some of the acquired company’s products in Chemanol’s production operations.”