Alujain Holding cancels general meeting on some shareholders’ violations

Alujain Holding said that its ordinary general meeting (OGM), slated for Tuesday, March 10, was cancelled due to some violations by shareholders, according to a bourse statement.

The company added that 2 of the Vote Counting Committee’s five members objected to complying with a court ruling banning National Petrochemical Industrial Co. (NATPET) and its direct or indirect subsidiaries from disposing of its shares in Alujain Holding, and further banning NATPET from voting in Alujain’s general meeting.

Alujain has started taking the necessary measures and will update shareholders with the latest developments in this regard.

Major shareholders data on Tuesday indicated that Menna Co. raised its stake in Alujain to 14.54% from less than 5% before March 3, according to data compiled by Argaam.

As per the Ministry of Commerce’s data, NATPET still owns 100% of Menna and 26% of all the other 3 companies, Alujain said.

The general meeting of Alujain was supposed to vote on dismissing the current board of directors and electing a new board.