Alujain Corporation signed agreement to acquire additional 12.19% stake in National Petrochemical Industrial Company from General Organization for Social Insurance for approximately SAR 470 million.

Alujain Corporation (SASE:2170) signed agreement to acquire additional 12.19% stake in National Petrochemical Industrial Company from General Organization for Social Insurance for approximately SAR 470 million on June 20, 2023. Alujain to acquire 13,044,294 shares of NATPET from GOSI in exchange for 9.06 million shares of Alujain shares and cash consideration amounted to SAR 81.21 million in exchange for 2.02 million shares owned by GOSI in NATPET. Upon completion of the transaction, Alujain's ownership in NATPET will increase from 76.40% to 88.59%, and the GOSI will receive Alujain's shares and the cash consideration mentioned above.

The cash portion of the transaction will be financed through facilities from Alinma Bank. National Petrochemical Industrial Company reported revenue and net profit of SAR 1.8 billion and SAR 261 million respectively for the year 2022. The transaction is subject to the approval of the General Assembly of NATPET to distribute in-kind profits to its shareholders, which consist of all the shares owned by NATPET and its subsidiaries in Alujain amounted to (19.99 million) shares, obtaining any necessary or appropriate approvals in relation to the transaction.