Saudi firm Chemanol has signed a share purchase agreement to acquire an 84% stake in Addar Chemicals for $12.3 million in cash. This is contingent on meeting predefined performance indicators and achieving a targeted return on investment. The transaction is due to be completed on 31 March 2024.

Chemanol, a Saudi producer of methanol chemicals, has signed a joint venture pact with its compatriot Global Company for Downstream Industries (GDI) to establish a 60-40 joint venture (JV) to produce speciality chemicals. The company aims to establish itself as a major player in this field in the region.