Logo of Methanol Chemicals
Methanol Chemicals Co. (Chemanol) submitted, on Oct. 4, the file to increase its capital through rights issue to the Capital Market Authority (CMA) for approval, according to a bourse filing.
Al Wasatah Al Maliah Co. (Wasatah Capital) was appointed as financial advisor for the planned rights issue, the statement said, adding that any future developments will be announced in due course.
On Aug. 9, Chemanol’s board of directors recommended increasing the company’s capital through rights issue of SAR 550.50 million, Argaam reported.
The company aims to use the funds to finance and implement its future plans and projects, expand its activities and raise levels of domestic investments. It also seeks to raise its financial solvency and decrease the borrowing rates.
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