AI Summary
Molan’s legal dispute with Yara International remains at the court of first instance
Molan Steel Co. said the lawsuit it filed to annul its contract with Yara International Ltd. remains under review at the court of first instance.
In a statement to Tadawul, Molan said no ruling has yet been issued. It added that the development announced on Jan. 5 included a Court of Appeal decision to revoke an earlier ruling suspending the enforcement of a final judgment requiring Molan to pay SAR 17.88 million to Yara International.
According to Argaam data, Molan announced in December 2024 that it signed an agreement with Yara International to acquire 100% of Mayar International for SAR 34.88 million.
You can render it in clear Argaam-style English as:
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Case Developments |
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Announcement Date |
Details |
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Nov. 19, 2024 |
Molan signed a memorandum of understanding (MoU) with Yara International to acquire 100% of Mayar International Industry. |
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Dec. 29, 2024 |
Molan signed a contract with Yara International to acquire 100% of Mayar International Industry for SAR 34.88 million. |
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July 20, 2025 |
Molan received a notice of a commercial lawsuit filed against the company by Yara International at the Commercial Court in Riyadh.
Yara seeks SAR 17.88 million in alleged outstanding payments related to the sale of its subsidiary, Mayar International. Yara also claims an additional SAR 2 million in litigation damages. |
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Sept. 16, 2025 |
Molan received a preliminary ruling issued by the Commercial Court in Riyadh in the case filed by Yara International, ordering Molan to pay SAR 17.88 million to the plaintiff. Other claims were dismissed. |
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Oct. 6, 2025 |
Molan filed a lawsuit against Yara International before the Commercial Court in Riyadh to nullify a purchase agreement for its subsidiary, Mayar International, valued at SAR 34.88 million. |
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Nov. 12, 2025 |
A final court ruling was issued in the legal action filed by Yara International, requiring Molan to pay the claimant an amount of SAR 17.88 million, and rejecting the other claims. |
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Nov. 17, 2025 |
The first-instance ruling was issued to suspend the enforcement of the judgment issued against Molan, which obliges it to pay SAR 17.88 million to Yara International, pending a final ruling on the contract annulment lawsuit. |
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Jan. 5, 2026 |
The Riyadh Commercial Court of Appeal issued a ruling revoking the decision to suspend the enforcement of the judgment against Molan, which obliges it to pay SAR 17.88 million to Yara International, and ruled again not to accept the request to suspend enforcement. |
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