Methanol Chemicals Company (SASE:2001) has signed a binding offer to acquire 84% of Addar Chaddar Chemicals Company on June 18, 2023. Methanol Chemicals Company (SASE:2001) entered into a binding agreement acquire 84% of Addar Chaddar Chemicals Company in November, 2023.. The binding offer only valid a period of 6 months from the date of its signature.

The transaction is subject to completion of the financial and legal due diligence and regulatory approvals from the relevant authorities, including the approval of the General Authority for Competition procedures. As on September 5, 2023 General Authority for Competition has issued "No Objection Certificate " with respect to the completion of the acquisition transaction, noting that financial and legal due diligence and the outcomes of negotiations with lenders and creditors are still ongoing. The transaction is expected to closed by December 18, 2023.