Alujain says NATPET finalizes ownership transfer for 4 companies

Alujain Holding

Alujain Holding Corp. received a letter today, June 23, from its subsidiary, National Petrochemical Industries Co. (NATPET), stating that all legal and required procedures related to transferring the ownership of the four companies (which it previously established and then conceded to other parties) have been completed.

This is based on the directives of the relevant government authorities. This made NATPET gain 100% ownership of those companies.

These companies own a total of 19.86 million shares in Alujain, according to the register of shareholders, according to a bourse filing.

The company indicated that 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’s shares.

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 compensation for any losses incurred as a result of the violations.

Alujain also confirmed that it will continue working to retain all its rights and will exercise all efforts to preserve the interests of its shareholders.

According to Argaam data, Alujain announced in March that NATPET established four limited liability companies, namely Fawasel Advanced Petrochemical Co., Afaq Professional Chemicals Co., Menna Company, and Abraj Altaj Plastic industrial Co.