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.