Alujain to purchase 16% of NATPET for SAR 814.6 mln

17/08/2021 Argaam

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%.

 

Transaction Details

Agreement

Alujain signed a purchase agreement with some shareholders at its 57.4%-owned subsidiary, NATPET

NATPET Capital

SAR 1.07 bln, divided into 107 mln shares, at SAR 10/each

Number of Purchased Shares

17.15 mln 

Percentage of Total Shares

16%

Transaction Value

SAR 814.6 mln

Buyer

Alujain Holding

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.

 

NATPET’s Financial Statements for Last Three Years:

Period

Revenue (SAR mln)

Net Profit (SAR mln)

2018

1530

211

2019

109

377

2020

1207

412

 

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