Further to the announcement of Methanol Chemical Co. (Chemanol) published on Tadawul website on 28 Rabi II, 1437 A. H corresponding to 07 February 2016 related to the developments over the Para formaldehyde Unit fire incident, the Company would like to announce that the assessment of the claim has been finalized and valued at SAR 29 million. Accordingly, the financial impact of this value (SAR 29 million) will be reflected on the financial results of Q2 of 2016.
It is worth mentioning that the Company received on 07 February 2016 an amount of SAR 10 million as payment on account where the remaining balance (SAR 19 million) will be received shortly.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.