Chemanol’s Board Amends Capital Increase Recommendation by Issuing Rights Shares

Methanol Chemicals Company (Chemanol) announced on Thursday to shareholders that the Board of Directors decided on 07-11-1445 (corresponding to 15-05-2024) to amend its recommendation to the Extraordinary General Assembly regarding increasing the company’s capital by issuing priority rights shares.

The Board’s previous recommendation was to increase the company’s capital through a rights issue valued at 674.5 million riyals. After the amendment, the Board recommends increasing the company’s capital through a rights issue valued at 350 million riyals due to market changes.