Chemanol withdraws capital hike file on improved financial position

09/02/2022 Argaam
Logo of Methanol Chemicals Co. (Chemanol)

Logo of Methanol Chemicals Co. (Chemanol)

Methanol Chemicals Co.’s (Chemanol) board of directors decided today, Feb. 9, to withdraw its capital hike file due to the noticeable improvement in the company’s financial position and the recent positive changes in the global markets.

 

The company will announce updates regarding this matter in due course, it said in a bourse filing.

 

On Oct. 4, 2021, Chemanol submitted the file to increase its capital through rights issue to the Capital Market Authority (CMA) for approval, according to data compiled by Argaam.

 

The company was intending to use the funds to finance and implement its future plans and projects, expand its activities and raise levels of domestic investments. It also sought to raise its financial solvency and decrease the borrowing rates.

 

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