Saudi Arabia’s Molan Steel has settled its long-running dispute with Yara International over Mayar International, bringing the multi-year case to a close, the company said in a stock exchange filing.
A final, comprehensive agreement has been signed between the two parties, fully resolving the dispute related to the acquisition of Mayar International’s commercial registration. Under the terms, both sides agreed to withdraw the contract invalidation request, allowing the deal to remain valid and enforceable.
The settlement also includes completion of the contract under a revised payment schedule running through February 28, 2027. Enforcement actions have been lifted, restrictions on Molan’s bank accounts have been removed, and all related lawsuits and claims between the parties terminated.
Molan said the agreement delivers greater value than continuing litigation, citing immediate operational and financial benefits. These include restored access to bank accounts, rescheduled financial obligations, and the ability to pursue contractual receivables, supporting improved stability and enabling management to focus on growth.
The dispute dates back to Molan’s acquisition of Mayar International from Yara in December 2024 for SAR 34.88 mln (USD 9.3 mln). Mayar produces refrigerators, freezers, water coolers, and electric fans. In July 2025, Yara filed a claim seeking SAR 17.88 mln (USD 4.76 mln) in unpaid dues and SAR 2 mln (USD 0.5 mln) in damages. Molan countered by seeking to nullify the deal, alleging misrepresented financial statements. In September 2025, a Riyadh court ordered Molan to pay the outstanding amount but dismissed Yara’s damage claim. An appeals court in January 2026 rejected a request to suspend enforcement, before both parties reached a final settlement in March.
Molan Steel is a key supplier of steel products for the construction and fabrication sectors across the Middle East.
1 USD / 3.75 SAR
