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.