News & Announcements

CHEMANOL

19 May, 2024 15:59

Methanol Chemicals Co. Announces an update on Methanol Chemicals Company announces the Latest Developments regarding its signing of a binding offer to acquire 80% of Global Company for Chemical Industries Ltd. (GCI)

Element List	Explanation
Introduction	With reference to its announcement on Tadawul website on 20/02/1445 H. corresponding to 05/09/2023 regarding the issuance of the approval of the General Authority for Competition (GAC) for the acquisition of 80% of the shares of Global Company for Chemical Industries Ltd. (GCI), Methanol Chemicals Company (Chemanol) is pleased to announce is pleased to announce to its valued shareholders the completion of all regulatory procedures and documents related to the transfer of ownership as well as the approval of the relevant authorities. The value of the acquisition deal is SAR 80 million and will be paid partially and in stages following the conditions stipulated in the (SPA) based on realizing a number of the agreed upon performance indicators that achieve the targeted return on investment. It is worth mentioning that the company aims, through this acquisition, to expand its share in the specialty chemicals market and diversify its product basket in line with its strategic and expansion plans. The acquisition will also enhance the company's business and products that are not affected by feedstock price fluctuations and the economic cycles of the petrochemical market. It will also contribute to reducing production costs in the acquired company through the integration of its services with Chemanol’s, in addition to providing the acquired company with certain materials required for its production processes, and similarly, some of the acquired company's products are used in Chemanol's production processes. It is noteworthy that the financial impact of the acquisition will be reflected in Q2 of 2024 financial results.
Previous Announcement	Methanol Chemicals Company announces the Latest Developments regarding its signing of a binding offer to acquire 80% of Global Company for Chemical Industries Ltd. (GCI)
Date of Previous Announcement on Saudi Exchange’s Website	2023-09-05 Corresponding to 1445-02-20
Hyperlink to the Previous Announcement on the Saudi Exchange Website	Click Here
Latest Developments Of The Announced Event	the completion of all regulatory procedures and documents related to the transfer of ownership as well as the approval of the relevant authorities.
Reasons For The Delay on The Date of The Event Previously Announced	Due to the financial and legal due diligence procedures.
The costs associated with the event, and if they have changed or not with indication of the reasons.	N/A
Delay consequences on the Company’s financial results	N/A
Additional Information	the financial impact of the acquisition will be reflected in Q2 of 2024 financial results.

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