Alujain closes acquisition of NATPET, ups ownership to 97.55%

10/12/2023 Argaam
One of Alujain's plants

One of Alujain's plants

Alujain Corp. closed the acquisition of National Petrochemical Industrial Co. (NATPET) after completing the share swap and cash consideration payment.  

 

In a statement to Tadawul today, Dec. 10, Alujain said its ownership in NATPET rose to 97.55% from 88.59%.  

 

AlJazira Capital was the financial advisor on the acquisition, the statement added. 

 

In October, Alujain signed a share purchase agreement with NATPET, under which the former bought 9.59 million shares, or 8.96% of NATPET, via a nearly 6.2 million share swap and a cash consideration of SAR 90.3 million, Argaam earlier reported.  

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