Logo of Methanol Chemicals Co.

Methanol Chemicals Co. (Chemanol) submitted on Sunday, Dec. 27, its capital cut file and application to increase capital by offering a rights issue for approval to the Capital Market Authority (CMA).

 

According to a bourse filing, Al Wasatah Al Maliah Company (Wasatah Capital) has been appointed as the financial advisor for the offering.

 

The company will announce updates regarding this matter in due course.

 

In November, Chemanol’s board of directors approved changing its recommendation on capital reduction to 44% from 27.3%. They also recommended a capital hike through SAR 480 million rights issue to be implemented following the capital cut.

 

Key Figures of the Capital Reduction 

Current Capital 

SAR 1.206 bln 

Number of shares 

120.6 mln shares 

New Capital 

SAR 674.51 mln 

New number of shares 

67.45 mln shares 

Reason 

To offset accumulated losses with SAR 531.5 mln  

Date of reduction 

The second day following the upcoming extraordinary general meeting date 

Mechanism  

Cancelation of 53.15 mln shares (one share for every 2.269 shares held) 

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