Chemanol Methanol Chemicals Company submitted a request to the Saudi Capital Market Authority to approve the company's capital increase through a rights issue of 550.491 million riyals.
According to Arab Net, the company said in a statement that the financial brokerage company (Wasata Capital) has been appointed as a financial advisor for the offering, and the company will announce later any developments in this regard. matter.
The company had announced, in August 2021, its plan to increase its capital through the issuance of rights shares, with a value of 550,491,370 riyals.
Chemanol's main objective of raising capital is to finance and implement the company's plans and future projects, expand its various activities and raise the volume of its local investments.
According to a previous statement, the company stated that it had received the approval of the Ministry of Energy to allocate the necessary feedstock for the expansion of the methanol plant to increase its production capacity by about 100,000 tons, which will contribute to reducing the company's production costs and raising Financial returns.
And she stated that this expansion will lead to the start of the company's future projects that were announced on March 02, 2020, to harmonize the renaissance and economic changes taking place in the Kingdom of Saudi Arabia in its ambitious vision. 2030. The company seeks to raise its financial solvency and reduce borrowing rates and costs incurred.
