Alujain reaffirms growth plan, says will raise stake in NATPET

One of Alujain Holding Corp.'s factory

Alujain Corp. will continue to implement its strategic plan to improve its assets and grow business by acquiring additional shares of National Petrochemical Industrial Co. (NATPET).

In a statement to Tadawul, the company said it will deal with the 19.9 million shares that NATPET owns in Alujain in an optimal manner to serve the interest of the shareholders of both companies.

Priority is for the use of these shares in compensation for swaps and acquisition from NATPET's current shareholders, after obtaining the required approvals and fulfilling all relevant requirements.

Alujain will also accelerate the development of engineering works, construction and operation of its new factory to produce propylene, polypropylene and other specialty products in an integration with NATPET’s existing factory to maximize the value of investment in the two companies.

It will also complete negotiations to form a strategic partnership with a leading global propylene and polypropylene producer, to transfer the required technologies and advanced knowledge capabilities to the new project, including the development of high-return specialty products, the statement added.

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