Alujain Holding Company organized a telephone meeting with financial analysts and representatives of a number of investment entities to discuss the operational performance and financial results for the year 2021 and to clarify the procedures and results of business integration and consolidation of financial statements with the subsidiary NATPET.
In a statement published on the Saudi market website, Tadawul, the company confirmed the continuation of work to implement its strategic plan for developing the company’s assets and improving its business, by raising its ownership percentage in NATPET by continuing to acquire additional ownership stakes, and discussing the option of merging NATPET with Alujain Company to raise Efficiency and business facilitation to serve the interests of the owners of the two companies, after fulfilling all requirements and taking all necessary approvals.
Alujain is also committed, according to its statement, to optimal handling of the company’s treasury shares of more than 19.8 million shares in coordination with stakeholders and to serve the shareholders of the two companies, provided that the priority of the options is to use these shares to purchase additional shares of NATPET shares by exchanging with company shares. Al-Lujain until the full merger between the two companies, after taking the required approvals and complying with all relevant requirements.
It said that it will work on a stable policy for dividend distribution that balances the approval of annual distributions in line with the average distributions of the sector, and maintaining a safe financial solvency and the ability to invest and expand in the future.
It will also develop, establish and operate a new plant for the production of propylene, polypropylene and other specialized products after obtaining the required approvals from the relevant official authorities.