Chemanol says ADDAR lawsuit claim value raised to SAR 185.2M

Methanol Chemicals Co. (Chemanol) said the Commercial Court in Dammam accepted a request by the former owners of ADDAR Chemicals Co. (ACC) —acquired during the previous board term — to raise the claim amount in the lawsuit to SAR 185.22 million from SAR 45.11 million.

The company will disclose any material developments related to the case in due course, it added in a statement to Tadawul.

On Dec. 7, 2025, Chemanol said the former shareholders of ADDAR filed commercial lawsuits against the company with the Commercial Court in Dammam on Dec. 6 regarding the acquisition of ADDAR, Argaam reported.

In the first lawsuit, the plaintiffs demanded that Chemanol pay the remaining amount of SAR 43.89 million, representing the outstanding balance of the agreed purchase price for ADDAR.

In a separate statement, the company said the former owners filed a second lawsuit seeking SAR 15.4 million, which they claim to have paid toward one of the bank facilities and operating expenses for ADDAR until November 2023.

In a third lawsuit, the plaintiffs asked the court to order Chemanol to pay SAR 45.11 million, paid by them as guarantees for bank loans related to ADDAR.