Chemanol says COVID-19 restrictions to affect performance

The continuation of the COVID-19 precautionary measures locally and globally in addition to the difficulty in the transport of goods and shipment might affect business directly or indirectly as exports constitute a large part of sales, Methanol Chemicals Co. (Chemanol) said in a bourse statement today.

Chemanol closed its Mono-Penta plant to use it for the production of medical Ethanol, which will help meet local consumption of medical disinfectants.

The company also recently received the approval from the Food and Drug Authority (FDA) to produce the product as its commitment to social responsibility and strengthen efforts to fight coronavirus.

Chemanol will contribute 150 tons of Ethanol, which will help produce 225,000 liters of disinfectants.

It is presently difficult to assess the financial impact of the precautionary measures due to the uncertainty over the duration, the company said, adding that any further developments will be announced in due course.