Logo of Methanol Chemicals Co.

Methanol Chemicals Co. (Chemanol) issued prospectus for its SAR 480 million rights issue through offering 48 million shares.

 

On May 6, the Capital Market Authority (CMA) approved Chemanol’s request to reduce its capital to SAR 674.5 million from SAR 1.21 billion followed by increasing capital through a SAR 480 million rights issue, Argaam reported.

 

The capital cut and capital hike are pending approval from the company’s extraordinary general meeting (EGM).

 

The rights issue represents a 71.16% capital hike to SAR 1.1545 million, the company said, adding that the capital hike aims at raising its solvency margin, as well as reduce credit rates and its financial charges.

  

Capital Hike Details

Current Capital

SAR 674.51 mln

Number of shares

67.45 mln 

Capital hike percentage

71.16% 

Capital after increase

SAR 1.1545 bln

Number of shares after increase

115.45 mln 

Rights Issue Details

Number of rights shares

48  million

Offering price per share

SAR 10

Issue size

SAR 480 mln

Rights Coefficient

Each registered shareholder obtains nearly 0.712 rights for each share held

Record date

Shareholders of record by the close of trading on the second day following the EGM date

Rights issue proceeds

SAR 445 mln to pay off loans

SAR 15 mln in IPO fees

SAR 11.5 mln to finance working capital

SAR 8.5 mln for the initial engineering designs of the Methanol plant expansion project

 

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