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Methanol Chemicals Company (Chemanol) announces the signing of a binding offer to acquire 80% of Global Company for Chemical Industries Ltd. (GCI)
2001
CHEMANOL
-0.88
%
1444/12/01 19/06/2023 08:02:57
| Element List | Explanation |
|---|---|
| Introduction | Methanol Chemicals Company (Chemanol) announces that it has signed a binding offer to acquire 80% of Global Company for Chemical Industries Ltd. (GCI). The final evaluation of the transaction will be determined based on the financial and legal due diligence, the outcomes of negotiations with lenders and creditors, and various other conditions that guarantee a positive impact for the Company if the acquisition procedures are completed. |
| Date of signing the Memorandum of Understanding | 2023-06-18 Corresponding to 1444-11-29 |
| Memorandum Duration | The offer shall exclusively be binding for the parties for a period of 6 months from the date of its signature. |
| Name of the Counterparty | Owners of Global Company for Chemical Industries Ltd. (GCI). |
| Name of Financial Advisor of Each Party | N/A |
| Major Terms in the Memorandum | The parties agreed that determining the final amount of the transaction shall be based on the realization of a number of performance indicators for ADDAR Chemicals Company. |
| Related Parties | N/A |
| Actions to be Taken by the Company during the Memorandum’s Duration | Completion of the financial and legal due diligence procedures. |
| Approvals | The transaction is subject to regulatory approvals from the relevant authorities, including the approval of the General Authority for Competition and any other normal terms for the transaction to take effect. |
| Additional Information | Through the acquisition, Chemanol aims to increase its products basket and achieve backward integration of its products in line with its strategic and expansion plans. The transaction will also contribute to strengthening the Company's business which is not influenced by feedstock prices and economic cycles of the petrochemical market. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Last Price 10.13
Net Change -0.09 (-0.88%)
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