Alujain transfers SAR 81.2 mln to GOSI for NATPET share purchase

Logo of Alujain Corp.

Alujain Corp. Announced today, Aug. 13, transferring SAR 81.2 million to the General Organization for Social Insurance (GOSI) in cash consideration for the purchase of latter's entire stake in the National Petrochemical Industrial Co. (NATPET), according to a statement to Tadawul.

Failure to the distribute the in-kind shares after NATPET's general assembly approved the distribution of in-kind profits to its shareholders (all the shares owned by NATPET and its subsidiaries in Alujain valued at SAR 20 million) was due to the delay of some shareholders in providing NATPET with the required data to Securities Depository Center Co. (Edaa) to complete the distribution.

In June, Alujain signed a share swap agreement with GOSI to acquire the latter’s entire ownership of 12.19%, or 13.04 million shares, in NATPET, according to Argaam's data.

GOSI will receive 9.06 million shares in Alujain and a cash consideration of SAR 81.21 million in return for 2.02 million of GOSI 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 — equals to 9.06 million shares in Alujain — will be settled through its share of these distributions.