Alujain signs agreement with Haji Abdullah Alireza to increase stake in NATPET for SAR 82 mln

Logo of Alujain Holding Corp.

Alujain Holding Corp. signed an agreement to purchase the shares of Haji Abdullah Alireza & Co. Ltd. in its subsidiary, National Petrochemical Industrial Co. (NATPET), for SAR 82 million, according to a bourse filing today, Sept. 21.

The number of shares amounted to 1.66 million at a price of SAR 49.43 per share, which represents 1.55% of NATPET’s total shares.

After the deal, Alujain’s ownership in NATPET will increase to 74.98% from 73.43%.

The purchase deal will be financed through Islamic Murabaha facilities from Alinma Bank.

The deal supports the company's strategic plans to boost its investments.

The financial impact of this deal will reflect in Q3 2021, the statement said, adding there are no related parties.

The capital of NATPET is SAR 1.07 billion, divided into 107 million shares, with a nominal value of SAR 10 per share.

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