Riyadh – Mubasher: The shareholders of Methanol Chemicals Company (Chemanol) have approved a significant capital restructuring during an extraordinary general meeting held on 14 July 2026.

The company will reduce its share capital by 77.76%, decreasing it from SAR 674.51 million to SAR 150 million, according to the financial results.

The restructuring involves canceling 52.45 million shares, effectively eliminating 0.7776 shares for every one share held. This move is designed to extinguish 90.76% of the company's accumulated losses.

Following the reduction, the total number of shares will decrease from 67.45 million to 15 million.

Shareholders also approved the transfer of SAR 53.40 million from the statutory reserve to cover the remaining portion of accumulated losses.

In a separate resolution, the assembly authorized the company to file a liability lawsuit against executive board members from the 2021-2024 term.

This action follows a forensic investigation report concerning two acquisition deals. Furthermore, shareholders approved a SAR 421,126 increase in auditor fees due to ongoing developments related to these acquisitions and forensic reviews.

The meeting, which was the second session called after the first failed to reach a quorum, recorded an attendance rate of 27.14%.

Chemanol issued a follow-up disclosure regarding its Ordinary General Meeting (OGM) scheduled for 6 August 2026.