Molan Steel Co. has received notice of a commercial lawsuit filed by Yara International Ltd. at the Commercial Court in Riyadh, according to the company’s stock exchange filing.
Yara is seeking SAR 17.88 mln (USD 4.76 mln) in alleged outstanding payments related to the sale of its subsidiary, Mayar International Industry Co., along with SAR 2 mln (USD 0.5 mln) in litigation damages.
In December 2024, Molan announced the acquisition of Mayar International for SAR 34.88 mln (USD 9.29 mln). The company specializes in manufacturing refrigerators, freezers, water coolers, and electric fans.
Molan stated that the legal implications and associated risks remain unclear at this stage but pledged to provide updates as the case progresses.
Molan Steel is a key supplier of steel products for the construction and fabrication sectors across the Middle East.
1 USD / 3.75 SAR
