NATPET approves in-kind distribution of Alujain shares to its shareholders

A NATPET manufacturing facility

Alujain Corp. announced that the National Petrochemical Industrial Co.’s (NATPET) general assembly approved on July 12, the distribution of in-kind dividends to its shareholders.

The payout will include all the shares owned by NATPET and its subsidiaries in Alujain, amounting to 19.99 million.

Last June, Alujain signed a share swap agreement with the General Organization for Social Insurance (GOSI) to acquire the latter’s entire ownership of 12.19%, or 13.04 million shares, in NATPET.

Upon finalizing the deal, Alujain’s ownership in NATPET will increase from 76.40% to 88.59%. 

Prior to the deal completion, NATPET will distribute 19.99 million of Alujain shares as an in-kind distribution, of which Alujain will have 15.28 million. The in-kind consideration - equal to 9.06 million shares in Alujain - will be settled through its share of these distributions.