Chemanol to investigate acquisition of ACC, GCI

Logo of Methanol Chemicals Co. (Chemanol)

Methanol Chemicals Co.’s (Chemanol) board of directors decided, in an urgent meeting on April 8, to hire a specialized third-party forensic auditor to investigate the facts and circumstances surrounding the acquisitions of ADDAR Chemicals Co. (ACC) and Global Co. for Chemical Industries (GCI).

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Accordingly, the board will take the necessary regulatory actions, Chemanol said in a statement to Tadawul.

The deals were concluded during the previous board term (November 2021 to November 2024).

The step comes within the board’s commitment to preserving shareholder interests, as well as to ensure transparency, and is based on the audit committee's recommendation to the board on April 7, 2025, the statement added.

The company will announce any relevant updates, Chemanol noted.

In June 2023, Chemanol signed two binding offers to acquire 84% of ACC and 80% of GCI, Argaam reported earlier.

In February 2024, the company finalized the regulatory measures as well as the ownership transfer related to the acquisition of ACC stake for a SAR 46.2 million cash consideration, to be disbursed partially and within specified intervals.

In May 2024, Chemanol said it completed regulatory procedures for the transfer of ownership of 80% of GCI, besides fulfilling all legal documents and obtaining approvals from relevant authorities, for SAR 80 million to be paid partially and within specified intervals.