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Methanol Chemicals Co.’s (Chemanol) accumulated losses dropped to zero as of June 28, after shareholders agreed at the extraordinary general meeting (EGM) to reduce capital.

 

The company said in a bourse filing today, July 8, that as a result of profits achieved in Q1 2021, the company’s retained earnings now represent 2.51% of the new capital.

 

In June, Chemanol shareholders approved a 44% capital cut to SAR 674.51 million from SAR 1.21 billion to restructure the company’s capital and offset accumulated losses, according to data compiled by Argaam.

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