Chemanol says due diligence ongoing to buy ADDAR, GCI

05/09/2023 Argaam

Chemanol proceeds due diligence, negotiation procedures with creditors to acquire ADDAR, GCI shares

Logo of Methanol Chemicals Co. (Chemanol)

Methanol Chemicals Co. (Chemanol) said that the financial and legal due diligence with lenders and creditors are still ongoing to acquire shares of Global Co. for Chemical Industries Ltd. (GCI) and ADDAR Chemicals Co. (ACC), according to a statement on Tadawul.

 

The step follows the approval from the General Authority for Competition (GAC) to acquire 80% of GCI and 84% of ACC. Chemanol said it will announce any material developments in this regard in due course, expecting the acquisition process to be completed on Dec.18, 2023.

 

Chemanol announced signing two binding offers, on June 18, to acquire 84% of ACC and 80% of GCI, Argaam earlier reported.

 

For More Mergers and Acquisitions

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