Molan wins final ruling to halt payment of SAR 17.9M to Yara International

Logo of Molan Steel Co.

Molan Steel Co. said, in a statement to Tadawul today, that the Commercial Court of Appeal in Riyadh issued, on Jan. 4, a final ruling canceling the decision to suspend the enforcement of the judgment issued against Molan requiring it to pay Yara International Limited an amount of SAR 17.88 million and ruling again to dismiss the request to suspend enforcement.

According to Argaam data, Molan announced last December that it had signed an agreement with Yara International Ltd. to acquire 100% of Mayar International Industry Co. for SAR 34.88 million. In July, Molan received a notice of a commercial lawsuit filed by Yara with the Riyadh Commercial Court, demanding SAR 17.88 million in dues related to the sale of its subsidiary, Mayar International Industry, in addition to SAR 2 million in compensation for litigation damages.

On Sept. 15, the Riyadh Commercial Court issued an initial ruling ordering Molan to pay SAR 17.9 million to Yara International.

Molan said last November that a final ruling had been issued in Yara’s lawsuit, upholding the initial judgment requiring Molan to pay only SAR 17.9 million, while dismissing all other claims.