Alujain buys 9% of NATPET for 6.2 mln share swap, SAR 90.3 mln

One of Alujain's plants

Alujain Corp. signed a share purchase agreement with the National Petrochemical Industrial Co. (NATPET), under which the former bought 9.59 million shares, or 8.96% of NATPET, via a nearly 6.2 million share swap and a cash consideration of SAR 90.3 million.

In a statement to Tadawul, Alujain said the cash payment will be financed via a loan from Alinma Bank.

Following the deal Alujain’s ownership in NATPET will rise from 88.59% to 97.55%.

The deal will enhance Alujain’s strategic plans, and the relevant financial impact will appear in Q4 2023.

Alujain indicated that the deal included no related parties, and that it will duly announce the relevant updates, in line with the regulatory requirements.

NATPET reported SAR 1.88 billion revenue in 2022, with a net profit of SAR 261 million.