Riyadh – Mubasher: Alujain Corporation inked a deal to sell 35% shares of its subsidiary National Petrochemical Industrial Company (NATPET) in exchange for SAR 1.87 billion ($500 million).
The Tadawul-listed firm will sell a 35% stake, representing 37.45 million shares, in NATPET to Basell International Holdings, a subsidiary of LyondellBasell Industries.
The book value of NATPET equity as of 30 November 2023 amounts to SAR 2.53 billion, according to a bourse filing.
Meanwhile, the proceeds will be used to pay the company's current and future financial obligations in line with its strategy and plans.
In 2023, Alujain increased its ownership in NATPET from 88.59% to 97.55%.
