Methanol Chemicals Company Announces the Submission of the Decrease of the Company’s Capital Application File and the Increase of the Company’s Capital by Offering Rights Issue Application File to CMA
| Element List | Explanation |
|---|---|
| Introduction | With reference to the company’s announcement on 11/10/2020 G regarding
the board of directors’ recommendation to reduce the company's capital and a subsequent capital increase through rights issue, and the company’s announcement on 08/11/2020 G regarding an update on the recommendation of its board of directors to reduce the company's capital and subsequently increase it by way of rights issue.
Methanol Chemicals Company announces its submission on Sunday 12 / 05/ 1442 H corresponding to 27 / 12 / 2020 G the application file for approval to reduce the company's capital and the application file for approval to increase the company's capital by offering of rights issue to the Capital Market Authority. Noting that Al Wasatah Al Maliah Company (Wasatah Capital) has been appointed as the financial advisor for the offering. the company will announce later on any developments in this regard. |
| Date of Submitting the Application File to CMA | 2020-12-27 Corresponding to 1442-05-12 |
| Application Subject | Reducing the capital by 531,491,370 Saudi riyals, and then increasing the capital by offering of rights issue in the amount of 480,000,000 Saudi riyals. |
| Date of Announcing Board Recommendation to Decrease the Company's Capital on Tadawul's Website | 2020-11-08 Corresponding to 1442-03-22 |
| Additional Information | The approval of the extraordinary general assembly on the process of increasing the company’s capital by issuing of rights issue is conditional on the extraordinary general assembly’s approval of the proposed reduction of the capital.
The company will announce any future developments in this regard in due course. |
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