Riyadh – Mubasher: The board of Methanol Chemicals Company (Chemanol) has decided to withdraw the capital increase file it had submitted to the Capital Market Authority (CMA) on 4 October 2021.

The decision, which came during the board meeting on 9 February, resulted from an improvement in Chemanol’s financial position besides the recent positive changes in global markets, according to a bourse filing on Thursday.

Chemanol was planning to increase the capital through a rights issue, which had come in line with the board’s recommendation of a SAR 550.49 million hike on 9 August 2021.