Methanol Chemicals Co. (Chemanol) reached on Sunday a settlement with a marketing agent, in which it will receive a total of $5.5 million for undistributed products under a performance bank guarantee worth $10 million, the company said in a statement.
Meanwhile, the agent will redeem the remaining amount of $4.5 million.
The chemical producer added that it expects the financial impact to show in Q2-2017.
Last November, Chemanol exercised a performance bank guarantee worth $10 million (SAR 37.5 million) due to the marketing agent’s non-compliance, yet the agent sought arbitration.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}