Alujain Corp. — Capital/Financing Update 2005

Nov 27, 2005

Natpet, a subsidiary of Alujain, to establish Teldene Polypropylene Company with a capital of SR 850 Million with the participation of GOSI.

2170 · 27/11/2005 16:29:37 · Announcement #7560 · View on Saudi Exchange

Natpet, a subsidiary of Alujain, to establish Teldene Polypropylene Company with a capital of SR 850 Million with the participation of GOSI.

Engineer Marwan Nusair, President of Alujain, stated that Natpet, where Alujain is a major shareholder, will establish Teldene Polypropylene Ltd., with a capital of SR 850 Million of which of 85% will be owned by Natpet, while General Organization for Social Insurance (GOSI) contributed with the remaining 15%. The new company will take over the propylene and polypropylene complex that is being constructed in Yanbu Industrial Estate after Natpet had obtained all necessary licenses. The complex is expected to start commercial production by the end of 2007.

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