Tadawul: Chemanol, Gulf General go ex-rights today

28/06/2021 Argaam

Trading screen

Shares of Methanol Chemicals Co. (Chemanol) and Gulf General Cooperative Insurance Co. (Gulf General) have their ex-rights today, June 28.

 

Chemanol’s board of directors recommended a 44% capital cut to SAR 674.51 million from SAR 1.21 billion to restructure the company’s capital and offset accumulated losses, followed by increasing the capital through a SAR 480 million rights issue.

 

The company aims to raise solvency margin, and reduce credit rates and financial charges.

 

Meanwhile, Gulf General’s shareholders will vote on the board’s recommendation on increasing capital through offering rights issue shares worth SAR 300 million.

 

The capital hike aims to support the expansion of the company's activity

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