Alujain Holding Company signed, on Monday, an agreement to purchase shares allocated to a group of shareholders of the subsidiary company, the National Petrochemical Industries Company NATPET, amounting to about 17.153 million shares, representing 16% of the total shares of NATPET, with a value of 814.6 million riyals.
Al-Lujain said in a statement to the Saudi market (Tadawul), today, Tuesday, that the value of the deal will be financed through Islamic Murabaha facilities from Alinma Bank.
The company announced to its shareholders the signing of an Islamic Murabaha facility agreement with Alinma Bank worth one billion riyals, with a financing term of 8 years.
Natpet Company, a closed Saudi joint stock company, is located in Jeddah, in the propylene and polypropylene complex in Yanbu Industrial City for the purpose of producing polypropylene and its derivatives. Its production capacity is 400 thousand tons of polypropylene and its derivatives. Its authorized and paid-up capital consists of 107 million shares at a value of 10 riyals per share.
Natepet's revenues in 2018 amounted to 1.53 billion riyals, 109 million riyals in 2019, and 1.207 billion riyals in 2020, while the company achieved net profits in In 2018, at 211 million riyals, 377 million riyals in 2019, and 412 million riyals in 2020.
Al-Lujain attributed the reasons for the deal to supporting the company's strategic plans by increasing its investments, and the financial impact of this deal will be reflected in the third quarter of 2021.
