Riyadh – Mubasher: Methanol Chemicals Company (Chemanol) has submitted a request to the Capital Market Authority (CMA) to reduce its capital and then increase it by way of a rights issue.

It further hired Wasatah Capital as the offering financial adviser, according to a bourse filing on Monday.

Chemanol wants to cut its capital by SAR 531.49 million and then raise it via a rights issue by SAR 480 million.

Further details will be provided in due course, the statement concluded.