Alujain Corp. Announces Purchase shares of shareholders in subsidiary - National Petrochemical Industrial Company (NATPET) by swap of shares in Alujain 6,213,418 shares and cash consideration SR 90,343,805
| Element List | Explanation |
|---|---|
| Transaction Details | Alujain Corporation ("Alujain") signed a purchase agreement of 9,590,055 shares from certain shareholders of its subsidiary - National Petrochemical Industrial Co. ("NATPET"), representing 8.96% of NATPET’s total shares by swap of shares in Alujain (6,213,418) shares and cash consideration SR (90,343,805) |
| Transaction Value | by swap of shares in Alujain 6,213,418 shares and cash consideration SR 90,343,805 |
| Transaction Terms | A) Payment of cash consideration
B) Transfer of shares to sellers. |
| Parties of the Transaction | - Alujain Corporation as a buyer
- Certain NATPET shareholders as sellers |
| Transaction Funding Method | Swap of shares in Alujain and a loan from Alinma Bank |
| Transaction Execution Date | 2023-10-26 Corresponding to 1445-04-11 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | NATPET is a closed joint stock company with its head office and Propylene/Polypropylene Complex in Yanbu Industrial City to produce Propylene/Polypropylene and its derivatives, having a name plate production capacity of 400,000 tons per year of polypropylene. The authorized and paid-up capital comprised 107 million shares of SR10 per share |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | NATPET Revenues:
In 2020, an amount of SR 1,174 million In 2021 an amount of SR 2,008 million In 2022, an amount of SR 1,889 million NATPET net profit: In 2020, net profit of SR 412 million In 2021, net profit of SR 519 million In 2022, net profit of SR 261 million |
| Transaction reasons | Supporting the company's strategic plans |
| Expected Impact of the Transaction on the Company and Its Operations | The financial impact of this transaction will be reflected in the 4th quarter of 2023 |
| Related Parties | There are no related parties to the transaction |
| Additional Information | - Alujain will announce the completion of the Transaction or any other material developments in due course in accordance with the relevant regulatory requirements.
- Alujain's ownership in NATPET will increase from 88.59% to 97.55% |
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