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.
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Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 1.206 bln |
|
Number of shares |
120.6 mln shares |
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New Capital |
SAR 674.51 mln |
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New number of shares |
67.45 mln shares |
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Reason |
To offset accumulated losses with SAR 531.5 mln |
|
Date of reduction |
The second day following the upcoming extraordinary general meeting date |
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Mechanism |
Cancelation of 53.15 mln shares (one share for every 2.269 shares held) |
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