Chemanol appoints Albilad Capital as financial advisor for rights issue

Chemanol says Albilad Capital to replace Wasatah Capital as financial advisor.

Methanol Chemicals Co. (Chemanol) appointed on Dec. 21 Albilad Capital as the financial advisor and underwriter for its rights offering to increase capital, in place of Wasatah Capital after the contract expired.

Chemanol plans to increase its capital through a rights issue amounting to SAR 350 million.

The company will announce when the capital increase application is submitted for the Capital Market Authority’s (CMA) approval, it said in a statement to Tadawul.

According to data available on Argaam, Chemanol’s board of directors recommended in February 2024 a capital increase through a rights issue valued at SAR 674.51 million.

In May 2024, the board decided to amend its recommendation regarding the rights issue to SAR 350 million instead of SAR 674.51 million, due to changes in market conditions.