Methanol Chemicals Co. Announces an update on the Recommendation of its Board of Directors to reduce the Company's capital and subsequently increase it by way of Rights Issues
| Element List | Explanation |
|---|---|
| Introduction | With reference to Methanol Chemicals Company announcement on Tadawul website dated 24/02/1442 H. corresponding to 11/10/2020 with regard to decreasing its capital and subsequently increasing it through right issues, and due to the losses reflected in the Company’s financial statements of Q3, 2020, the Board of Directors has decided in its meeting held on Sunday 08/11/2020 to amend the recommendation related to the reduction of the Company’s capital as follows:
a. Capital before decrease: SAR 1,206,000,000, capital after decrease: SAR 674,508,630 with a decrease percentage of 44.07%. b. Number of shares before decrease: 120,600,000, number of shares after decrease: 67,450,863 shares. c. Reasons for the capital decrease: to write off the accumulated losses amounting to SAR 531,491,370 d. Method of capital decrease: by cancelling 53,149,137 shares; one (1) share to be cancelled for every (2.269) shares. e. Impact of the capital decrease on the Company's obligations: there is no impact of the capital decrease on the Company's financial obligations. f. Date of reduction: the end of the second trading day after the Extra Ordinary General Assembly Meeting in which decrease was resolved. |
| Previous Announcement | Methanol Chemicals Company announces its Board of Directors recommendation to reduce the Company's capital and a subsequent capital increase through Rights Issues. |
| Date of Previous Announcement on Tadawul's Website | 2020-10-11 Corresponding to 1442-02-24 |
| Progress | N/A |
| Event's Expected Completion Date | N/A |
| Reasons for Exceeding the Announced End Date | N/A |
| Expenses Related to the Event, Whether They Changed or Not and Justification | N/A |
| Impact of the Delay on the Company's Financial Results | N/A |
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