NATPET says GOSI’s statement ‘defamatory’, interview statement correct

National Petrochemical Industrial Co. (NATPET) expressed surprise at the General Organization for Social Insurance’s (GOSI) statement which included incorrect claims, confirming that all data mentioned in the company statement dated Feb. 27 was correct.

NATPET indicated that its chief executive officer (CEO) in its CNBC Arabia interview highlighted the importance of GOSI role in the settlement of disputes between the company and Alujain Holding Corporation, as the latter voted against NATPET’s issuing quarterly financial statements, an issue which was also rejected by GOSI, according to NATPET's statement to Argaam.

When asked about the company’s acquisition of 10.7% of Alujain, the CEO indicated that the share purchase was aimed at integrating board decisions after Alujain’s board of directors terminated its term. In addition, the share purchase will help paving the way for the potential merger between both companies.

NATPET CEO said that GOSI, in its statement, denied that the potential merger was subject to several studies, which the CEO considered as significant “fallacy”.

NATPET CEO described GOSI statement as “defamatory”, confirming that the company is taking the necessary measures to protect its rights.

The CEO requested GOSI to form an investigation committee, or let NATPET submit the necessary related documents.

GOSI previously said that CEO Khalid Zazoog’s statement about the final court order issued to invalidate the general assembly’s decision on June 24, 2019 about distributing SAR 1 per share dividend, is false. GOSI filed an appeal against the administrative court decision, but no final judgment has been issued to date.

In addition, GOSI noted that Zagzoog’s said that NATPET has invited shareholders to vote on submitting its quarterly financials regularly without delay, as requested by Alujain, while GOSI already voted against that item.

GOSI further clarified that it objected to NATPET’s replacement of Alujain’s request with the articles of association amendment although NATPET realizes that the previously mentioned amendment requires approval by 75% of votes instead of the 50% required for approving the original item, which was not included in the meeting agenda.

GOSI concluded that it will take the necessary procedures to protect shareholders’ rights.