Methanol Chemicals Company (SASE:2001) has signed a binding offer to acquire 80% of Global Company for Chemical Industries Ltd. (GCI) on June 18, 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 of September 5, 2023, General Authority for Competition issued an approval "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.

Methanol Chemicals Company (SASE:2001) completed the acquisition of 80% of Global Company for Chemical Industries Ltd. (GCI) for SAR 80 million on May 19, 2024. The value of the acquisition deal is SAR 80 million and will be paid partially and in stages following the conditions stipulated in the (SPA) based on realizing a number of the agreed upon performance indicators that achieve the targeted return on investment.