NATPET says share trading halt ‘unjustified’, revealed all material info

09/03/2020 Argaam Special

 

National Petrochemical Industrial Co. (NATPET) said in a statement that Alujain Holding’s bourse disclosure dated March 8, 2020, revealed that NATPET share trading halt was ‘unjustified’.

 

“NATPET revealed all material information; placing a trading halt on the stock is unjustified,” the statement said.

 

“We answered all inquiries submitted by Alujain; there were no material events that will impact the share price,” it added.

 

In response to Alujain’s March 8 statement on NATPET’s affiliated units, NATPET said its subsidiaries are: Natpet Schulman Specialty Plastic Compounds (NSSPC) and another one specialized in manufacturing.

 

NATPET indicated that its subsidiaries own no shares in Alujain Holding and that the trading suspension decision for the second time was ‘baseless’.

 

Alujain said on March 8 that NATPET set up four limited liability companies (LLCs) and offloaded stakes in a very short time span, inquiring its subsidiary to submit a detailed statement on the relevant financial impact.

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