RIYADH, SAUDI ARABIA – Methanol Chemicals Co. (Chemanol) signed a share purchase agreement (SPA) with the shareholders of ADDAR Chemicals Co. (ACC) to acquire an 84 percent stake in the latter for US$12.3 million (SAR 46.2 million).
The amount would be disbursed partially and within specified intervals, as per the terms stipulated in the SPA.
This disbursement is contingent upon meeting predefined performance indicators and achieving the targeted return on investment, as earlier agreed upon, according to a statement to Tadawul on Sunday.
Chemanol said the acquisition is aimed at enhancing its share in the market and diversifying its product range, in line with its strategic expansion plans.
It said this acquisition strengthens its business and product offerings.
The purchase would contribute to reducing ACC’s production costs by integrating its services with Chemanol’s.