Alujain buys 9% of NATPET for 6.2 mln shares swapped, SAR 90.3 mln
- Date: 29-Oct-2023
- Source: Argaam
- Sector:Financial Markets
- Country:Saudi Arabia
Alujain buys 9% of NATPET for 6.2 mln shares swapped, SAR 90.3 mln
One of Alujain's plants
Alujain Corp. signed a share purchase agreement with the National Petrochemical Industrial Co. (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.
In a statement to Tadawul, Alujain said the cash payment will be financed via a loan from Alinma Bank.
Following the deal Alujain’s ownership in NATPET will rise from 88.59% to 97.55%.
The deal will enhance Alujain’s strategic plans, and the relevant financial impact will appear in Q4 2023.
Alujain indicated that the deal included no related parties, and that it will duly announce the relevant updates, in line with the regulatory requirements.
NATPET reported SAR 1.88 billion revenue in 2022, with a net profit of SAR 261 million.
NATPET Revenue & Net Profit (SAR mln)
Year
Revenue
Net Profit
2020
1174
412
2021
2008
519
2022
1889
261