National Petrochemical Industrial Company agreed to Spin-Off 40.64% stake in Alujain Corporation (SASE:2170) on June 20, 2023. NATPET will distribute 19,997,224 shares owned in Alujain shares to its shareholders as in-kind dividends. Alujain a shareholder in National Petrochemical Industrial Company will receive 15,277,439 shares.

In a related transaction, Alujain Corporation (SASE:2170) signed agreement to acquire additional 12.19% stake in National Petrochemical Industrial Company from General Organization for Social Insurance for approximately SAR 470 million.