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Chemanol shareholders approve 77.76% capital cut
The Saudi petrochemical firm will cancel 52.45 million shares and transfer SAR 53.4M from reserves to cover losses. Shareholders also approved a lawsuit against former board members.
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The shareholders of Methanol Chemicals Company (Chemanol) approved a 77.76% capital reduction during an extraordinary general meeting on 14 July 2026, cutting the share capital from SAR 674.51 million to SAR 150 million, according to a company filing.
The restructuring cancels 52.45 million shares, or 0.7776 shares for every one held, and aims to extinguish 90.76% of the company's accumulated losses. Shareholders also approved a transfer of SAR 53.40 million from the statutory reserve to cover the remaining portion.