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Methanol Chemicals Company (Chemanol) announces the Latest Developments Regarding its Signing of a Binding Offer to acquire 84% of ADDAR Chemicals Company (ACC)
| Element List | Explanation |
|---|---|
| Introduction | With reference to its announcement on Tadawul website on 28/04/1445 H. corresponding to 12/11/2023 regarding the completion of the financial and legal due diligence procedures, and signing of the Share Purchase Agreement (SPA) to acquire 84% of the shares of ADDAR Chemicals Company (ACC), Methanol Chemicals Company (Chemanol) is pleased to announce to its honored Shareholders the completion of all legal procedures related to the transfer of the share ownership as well as the completion of legal documentation and approval of the relevant authorities. It is worth mentioning that the company aims, through this acquisition, to expand its share in the specialty chemicals market and diversify its product basket in line with its strategic and expansion plans. This acquisition will enhance the company’s business and products that are not affected by feedstock price fluctuations and the economic cycles of the petrochemical market. It will also contribute to reducing production costs in the acquired company through the integration of its services with Chemanol’s, in addition to providing the acquired company with certain materials required for its production processes, and similarly, some of the acquired company’s products are used in Chemanol’s production processes. The financial impact of acquisition will be reflected in the company’s financial results of Q1 of 2024. |
| Previous Announcement | Methanol Chemicals Company announces the Latest Developments Regarding its Signing of a Binding Offer to acquire 84% of ADDAR Chemicals Company (ACC) |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-11-12 Corresponding to 1445-04-28 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The completion of all legal procedures related to the transfer of the share ownership as well as the completion of all legal documentation and approval of all relevant authorities. |
| Reasons For The Delay on The Date of The Event Previously Announced | N/A |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | According to the company’s announcement on Tadawul website on 28/04/1445 H. corresponding to 12/11/2023, the transaction value is SAR 46.2 million Saudi riyals, which will be paid partially and in stages in accordance with the conditions stipulated in the (SPA) based on realizing a number of the agreed upon performance indicators that achieve the targeted return on investment. |
| Delay consequences on the Company’s financial results | N/A |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Last Price 12.55
Net Change -0.15 (-1.18%)
Value Traded (Sar) 1,187,108.78
Volume Traded 94,213
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