Mubasher TV
Contact Us Advertising   العربية

Addendum announcement from Alujain Holding Corp. regarding a significant event for the subsidiary NATPET

ALUJAIN 2170 -0.97% 34.64 -0.34
Element List Explanation
Introduction Further to the company’s announcement on 07/15/1441 corresponding to 03/10/2020 and the Emphasis of Matters included in the Auditor’s report for the company’s financial statements for the fiscal year 2019, the fiscal year 2020, and the first quarter of 2021 regarding action taken by National Petrochemical Industries Co. “NATPET” – subsidiary - for the establishment of four limited liability companies, followed by the fictitiously conceding of the four companies to other parties:

1- Fawasel Advanced Petrochemical Co. - Limited Liability Company - established with commercial registration number: 4030369672 dated 16/03/1441.

2- Afaq Professional Chemicals Co. - Limited liability Company - established with commercial registration number: 4030369905 dated 20/03/1441.

3- Menna Company - Limited Liability Company - established with commercial registration number: 4030369566 dated 15/03/1441.

4- Abraj Altaj Plastic industrial Co. - Limited Liability Company - established with commercial registration number: 4030369670 dated 16-3-1441.

Alujain Holding Corp. would like to announce to its shareholders that it has received an official letter from NATPET on 23/06/2021 stating that all legal and required procedures related to transferring the ownership of the four companies mentioned above to NATPET have been completed based on the directives of the relevant government authorities. Thus, NATPET has sustained 100% ownership of those companies.‏

Note that these companies own a total of 19,859,948 shares in Alujain Holding Corp., according to the register of shareholders in Alujain Holding Corp. Details of the financial impact of this event will be disclosed in a timely manner, after verifying the details of the investment accounts of these companies with the financial institutions, determining the four companies’ financial rights and obligations, and the external auditor’s decision regarding the accounting treatment for the four companies ownership in Alujain Holding Corp’s share.

Furthermore, NATPET will continue to work in cooperation with the relevant authorities in the investigation and determination of the financial impact resulting from all violations and other misconducts by the former NATPET board of directors, in order to seek full compensations for any losses incurred as a result of the violations and misconducts.‏

Alujain Holding Corp. will continue working to retain all its rights and will exercise all efforts to preserve the interests of its shareholders.

Alujain Holding Corp. would like to express its thanks and appreciation to the members of its board of directors in the previous session for their distinguished efforts in preserving and protecting the rights of the company and the interests of its shareholders.

It also extends its sincere thanks and appreciation to all the supervisory and regulatory authorities, and to the General Organization for Social Insurance (GOSI) and its investment arm, Hassana Investment Co., for their effective contribution to retain the rights of NATPET and of its shareholders.‎

Date of Posting the Previous Announcement of Development on Tadawul's Website 2020-03-10 Corresponding to 1441-07-15
URL of the Previous Announcement Click Here
Change on the Development Mentioned above
Financial Impact on the change The detailed financial impact will be announced later

Comments