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Alujain wraps up a 35% stake in subsidiary Naptet: Tadawul-listed Alujain has sold a 35% stake in its subsidiary National Petrochemical Industrial Company (NAPTET) to Bassel International Holdings for SAR 1.9 bn (USD 500 mn), it said in a disclosure to Tadawul. Alujain’s post-transaction ownership of Naptet settles at 65%. Bassel is a subsidiary of NYSE-listed Lyondellbasell Industries.
Use of proceeds: Alujain will pay down all of its SAR 1.2 bn in debt and will use the rest to pursue “investments that are being studied with the aim of diversifying the company’s sources of income and enhancing the company’s financial stability.”
The details: As part of the agreement, Naptet transferred ownership of its wholly owned subsidiary, Infrastructure Reinforcement Industrial Company (Iric), and 50% of its share in Natpet Schulman to Alujain, the disclosure reads. This transfer ensures that both companies remain under the direct control of Alujain following Naptet’s acquisition.
A snapshot of Naptet’s earnings: Naptet’s net income dropped 49.7% y-o-y to SAR 261 mn in 2022, according to the disclosure. Meanwhile, revenues decreased 6% y-o-y to SAR 1.9 bn.
Market reax: Alujain Corp’s share price rose 1% to SAR 41.10 at market close on Thursday.
