Alujain Corp. Announces an update on Selling 35% equity stake in the capital of its subsidiary - National Petrochemical Industrial Company (NATPET)
| Element List | Explanation |
|---|---|
| Introduction | Further to Alujain’s announcement dated 16-01-2024, the company would like to announce the completion of the transaction relating to 35% shares (ownership) sale of its subsidiary, National Petrochemical Industrial Company (NAPTET) to Basell International Holdings B.V., and an amount of SAR 1,864,476,600 has been deposited on 30-05-2024
We note that all conditions agreed upon in the share purchase agreement have been completed, including: 1- Completion of the restructuring of the subsidiaries of Alujain: A) Transfer NATPET’s ownership, 100% of the share capital of Infrastructure Reinforcement Industrial Company (IRIC), its subsidiary to Alujain. B) Transfer NATPET’s ownership, 50% of the share capital of Natpet Schulman Specialty Plastic Compounding L.L.C (“Natpet Schulman”), its joint venture (JV) to Alujain. 2- Obtaining the necessary regulatory approvals inside and outside the Kingdom from the relevant governmental authorities according to the terms of the agreement and the applicable laws and regulations. Please note that Alujain’s ownership in NATPET decreased from 100% to 65%. after the completion of this transaction The proceeds of the sale will be used to pay off all debts owed by Alujain Company amounting to 1.23 billion Saudi Riyals. The balance will be invested in investment opportunities that are being studied with the aim of diversifying the company's sources of income and enhancing the company's financial stability |
| Previous Announcement | Selling 35% equity stake in the capital of its subsidiary - National Petrochemical Industrial Company (NATPET) for a value of 1.87 billion Saudi Riyals (500 million US dollars) |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-01-16 Corresponding to 1445-07-04 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The agreed terms have been implemented and the transaction value has been received |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | N/A |
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