Methanol Chemical compounds Firm brand – Chemanol
Firm introduced Methanol Chemistry – ChemanolOn the institution of the earlier homeowners of the corporate Aldar chemical substances By submitting business lawsuits earlier than the Business Courtroom in Dammam, towards the corporate concerning the acquisition of Aldar Chemical compounds Firm.
The corporate stated in separate statements on Tadawul that the second occasion within the circumstances, that means the previous homeowners of Al Dar Chemical compounds Firm, is represented by Al Abdul Latif Group Holding Firm, Dar Al Balad Buying and selling Firm, Najm Business Funding Firm, Omran Muhammad Al Omran and Companions Funding Firm, and Imaginative and prescient Worldwide Funding Firm.
In response to what was said within the claims doc, in accordance with a gross sales contract dated 11/19/1444 AH, 84% of the shares of Aldar Chemical compounds Firm – beforehand owned by the plaintiffs – had been offered to Chemanol Firm, through the earlier Board of Administrators time period.
The plaintiffs within the lawsuit filed on October 6, 2025, are demanding that Chemanol Firm pay the remaining quantity of the deal value, 43.89 million riyals, which represents the remaining quantity of the acquisition value of Aldar Chemical compounds Firm agreed upon within the contract.
Within the lawsuit filed on September 24, 2025, the plaintiffs are demanding that Chemanol pay an quantity of 15.4 million riyals that they paid in trade for one of many financial institution financing and operational bills of Aldar Chemical compounds Firm till November 2023.
In a 3rd lawsuit dated October 5, 2025, the plaintiffs demand that Chemanol Firm pay an quantity of 45.11 million riyals that was paid by the plaintiffs as guarantors of the financial institution loans of Aldar Chemical compounds Firm.
Concerning the anticipated monetary affect, the corporate stated that it can’t be decided at this stage and the monetary affect can be decided in accordance with the developments and progress of the lawsuit. It isn’t attainable at this stage to find out the authorized penalties and dangers of this case, and any developments associated to this case can be introduced sooner or later.
Chemanol has appointed a specialised authorized agency to symbolize it within the lawsuit, and since Chemanol denies the claims of the previous homeowners and denies any duty in direction of them, at this stage it isn’t attainable to estimate legal responsibility till the top of this lawsuit, and any developments associated to this case can be introduced sooner or later.
In response to knowledge numbersIn November 2023, the Methanol Chemical compounds Firm – Chemanol signed a Share Buy Settlement (SPA) with the homeowners of Aldar Chemical compounds Firm for an quantity of 46.2 million riyals, to be paid partially and over time in accordance with the situations talked about within the buy settlement primarily based on the achievement of numerous efficiency indicators which were agreed upon and that obtain the focused return on funding.
In February 2024, the corporate introduced the completion of all regulatory procedures associated to the switch of possession, the completion of regulatory paperwork, and the approval of the related authorities, concerning the acquisition of Aldar Chemical compounds Firm.
