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Chemanol to freeze dividends for 2016

Chemanol to freeze dividends for 2016
(Photo Credit: Company website)
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Riyadh – Mubasher: Methanol Chemical Company’s (Chemanol) board recommended on Sunday not to distribute dividends for 2016.

The company said that the decision is to support the financial position of the company and enhance its strategic plans.

The board’s decision will be presented to the next general assembly, according to a bourse filing on Monday.

Chemanol recorded losses of SAR 112.8 million in 2016 compared to SAR 139.9 million in the year before.