Chemanol clarifies shareholder’s statement on earnings based on personal estimates

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Methanol Chemicals Co.’s (Chemanol) board of directors said in a statement from a shareholder, during the general assembly meeting held on Nov. 9, that the company will achieve a net profit of SAR 250 million by the end of 2021, is only a personal expectation by the shareholder.

In a statement to Tadawul, Chemanol said the estimate is not based on any clear grounds or calculated forecasts, and this was clarified by the management during the general assembly meeting.

The company asked all shareholders to obtain factual and accurate information from the official sources or from the relevant authorities, such as Saudi Exchange (Tadawul), and not to be swayed by rumors which may drive them to make inaccurate decisions.

The announcement was based on paragraph D of Article 60 of the Rules on the Offer of Securities and Continuing Obligations issued by the Capital Market Authority (CMA). It also was made out of the company's concern to protect and safeguard the rights of its shareholders against any decisions that may be taken based on misleading information, the statement noted.

Chemanol held an ordinary general assembly meeting (OGM) on Nov. 9, during which shareholders approved the election of new board of directors and audit committee.