Molan faces SAR 19.9M lawsuit over acquisition deal

09:17 AM (Mecca time) Argaam
Logo ofMolan Steel Co.

Logo of Molan Steel Co.

Molan Steel Co. announced it received a notice of a commercial lawsuit filed against the company by Yara International Ltd. at the Commercial Court in Riyadh.
 

In a statement to Tadawul, the company said Yara seeks SAR 17.88 million in alleged outstanding payments related to the sale of its subsidiary, Mayar International Industry Co. Yara also claims an additional SAR 2 million in litigation damages. The total value of the claim stands at SAR 19.88 million.

 

 

For more news on listed companies

 

Molan stated that it is currently unable to assess the potential financial impact of the lawsuit. The company plans to appoint a specialized attorney to handle the case and represent its interests in court. It also noted that any potential liability cannot be estimated at this stage, pending the commencement of legal proceedings.

 

Moreover, the legal implications and potential risks of the case remain unclear at this stage. The company will disclose any relevant developments as they occur.

 

According to Argaam data, Molan announced in December 2024 that it signed an agreement with Yara to acquire 100% of Mayar International for SAR 34.88 million.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.