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Alujain Corp. Announces Purchase shares of shareholders in subsidiary - National Petrochemical Industrial Company (NATPET) by swap of shares in Alujain 6,213,418 shares and cash consideration SR 90,343,805
| Element List | Explanation |
|---|---|
| Transaction Details | Alujain Corporation ("Alujain") signed a purchase agreement of 9,590,055 shares from certain shareholders of its subsidiary - National Petrochemical Industrial Co. ("NATPET"), representing 8.96% of NATPET’s total shares by swap of shares in Alujain (6,213,418) shares and cash consideration SR (90,343,805) |
| Transaction Value | by swap of shares in Alujain 6,213,418 shares and cash consideration SR 90,343,805 |
| Transaction Terms | A) Payment of cash consideration B) Transfer of shares to sellers. |
| Parties of the Transaction | - Alujain Corporation as a buyer - Certain NATPET shareholders as sellers |
| Transaction Funding Method | Swap of shares in Alujain and a loan from Alinma Bank |
| Transaction Execution Date | 2023-10-26 Corresponding to 1445-04-11 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | NATPET is a closed joint stock company with its head office and Propylene/Polypropylene Complex in Yanbu Industrial City to produce Propylene/Polypropylene and its derivatives, having a name plate production capacity of 400,000 tons per year of polypropylene. The authorized and paid-up capital comprised 107 million shares of SR10 per share |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | NATPET Revenues: In 2020, an amount of SR 1,174 million In 2021 an amount of SR 2,008 million In 2022, an amount of SR 1,889 million NATPET net profit: In 2020, net profit of SR 412 million In 2021, net profit of SR 519 million In 2022, net profit of SR 261 million |
| Transaction reasons | Supporting the company's strategic plans |
| Expected Impact of the Transaction on the Company and Its Operations | The financial impact of this transaction will be reflected in the 4th quarter of 2023 |
| Related Parties | There are no related parties to the transaction |
| Additional Information | - Alujain will announce the completion of the Transaction or any other material developments in due course in accordance with the relevant regulatory requirements. - Alujain's ownership in NATPET will increase from 88.59% to 97.55% |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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