AI Summary
Logo of Alujain Holding Corp. and NATPET
Alujain Holding Corp. signed an agreement with a group of shareholders at its 57.4%-owned subsidiary, National Petrochemical Industrial Company (NATPET), to buy 17.15 million shares, or 16% of NATPET’s total shares, for SAR 814.6 million.
Upon finalizing the deal, Alujain will increase its ownership in NATPET to 73.43% from the current 57.40%.
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Transaction Details |
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Agreement |
Alujain signed a purchase agreement with some shareholders at its 57.4%-owned subsidiary, NATPET |
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NATPET Capital |
SAR 1.07 bln, divided into 107 mln shares, at SAR 10/each |
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Number of Purchased Shares |
17.15 mln |
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Percentage of Total Shares |
16% |
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Transaction Value |
SAR 814.6 mln |
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Buyer |
Alujain Holding |
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Seller |
A group of shareholders at NATPET |
The transaction will be financed through a Sharia-compliant Murabaha loan facility with Alinma Bank. It aims to boost the company's strategic plans by increasing investments.
NATPET is a closed joint stock company with its headquarters in Jeddah. It produces propylene/polypropylene and its derivatives, with a production capacity of 400,000 tons per year of polypropylene. The authorized and paid-up capital comprised 107 million shares of SAR 10 per share.
The relevant financial impact will appear on Q3 2021 financials.
The deal included no related parties, the statement added.
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NATPET’s Financial Statements for Last Three Years: |
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Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
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2018 |
1530 |
211 |
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2019 |
109 |
377 |
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2020 |
1207 |
412 |
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