Riyadh – Mubasher: Alujain Holding Corporation has a purchased 17.15 million shares in its subsidiary National Petrochemical Industrial Company (Natpet), representing 16% of Natpet’ total shares.
The transaction value stood at SAR 814.6 million, according to a bourse disclosure on Tadawul.
Concluded on 16 August, the transaction will be financed through Islamic Murabaha facilities from Alinma Bank.
Following this deal, Alujain’s equity ownership in Natpet will account for 73.43%, instead of 57.40% prior to purchasing the shares.
The listed company aims to support its strategic plans by increasing investments through this transaction.
Alujain noted that the financial impact of buying the shares will reflect on the income statements of the third quarter (Q3) of 2021.
The holding firm has recently obtained an Islamic Murabaha loan worth SAR 1 billion from Alinma Bank.
