NATPET says Alujain’s statement ‘total fallacy’

National Petrochemical Industrial Co. (NATPET) issued an illustrative statement in response to Alujain Holding’s announcement today, saying that the latter's statement included incorrect information and invalid claims.

“Alujain is seeking to influence the decision of the competent authorities and other shareholders amid the planned board elections today,” NATPET said, adding that the statement timing underpinned Alujain’s fierce and unfair competition.

In a statement to Argaam, NATPET confirmed that its subsidiaries are Natpet Schulman Specialty Plastic Compounds (NSSPC) and another one specialized in infrastructure treatment, adding that these subsidiaries own no shares in Alujain Holding.

The company further noted that, based on the Ministry of Commerce’s data, it doesn’t own any sharesin Fawasil Advanced Petrochemical Co., Afaaq Professional Chemicals Co., Menna Co. and Abraaj Al Taj for Plastic Industries Co.

“Claiming that these four subsidiaries are owned by NATPET is a desperate attempt by Alujain’s board of directors to deprive those companies from using their voting rights in Alujain’s board elections”, NATPET also said.

NATPET said it replied to all inquiries made by the holding company, taking into account the non-discrimination among shareholders in accordance with the corporate governance regulations.

NATPET also noted that it will take the necessary regulatory measures to protect its rights against Alujain’s claims.