NATPET says Alujain's statement includes 'invalid’ claims

National Petrochemical Industrial Co. (NATPET) said that Alujain Holding's statement published on the Saudi Stock Exchange (Tadawul) on March 11 included incorrect information and invalid claims, according to an official statement.

NATPET added that it has previously submitted official documents issued by the Ministry of Commerce, noting that they indicate that the company owns no stakes in the four subsidiaries. NATPET stressed as well that it has previously denied owning any equity in these four subsidiaries, before Alujain's general meeting.

NATPET further explained that Alujain Holding's ordinary general meeting (OGM), slated for Tuesday, March 10, was cancelled, as some companies were banned from voting as per a court ruling. Some shareholders requested to see the relevant court ruling, but their request was rejected.

However, NATPET's lawyer said that he has a court ruling that only banned NATPET from disposing of its shares in Alujain with no mention of the other four companies.

The majority of shareholders approved dismissing the current board of directors, and electing 7 new board directors. Two board members maintained their seats.