Chemanol recommends FY16 dividend freeze

Methanol Chemicals Co.’s (Chemanol) board of directors has recommended withholding dividends for the fiscal year 2016, the company said in a statement to Tadawul.    

The proposal is aimed at enhancing the company’s financial position and strategic plans.

Shareholders will vote on the proposal at the next general assembly meeting. The date for the shareholders meeting will be announced later.

The chemical producer reported a net loss of SAR 112.8 million for FY16, narrowing losses by 19 percent year-on-year.