Saudi petrochemicals producer Chemanol informed the Tadawul exchange on 11 October of a two-stage plan to restructure its capital to “write off accumulated losses” while boosting its solvency and decreasing the cost of borrowing.
The first stage will be a share buyback of just over 27% of the company’s 120 million shares. Share buybacks or capital reductions are typically used by companies to increase shareholder value and make their capital structure more efficient. (CONTINUED - 280 WORDS)
