Riyadh – Takween Advanced Industries Company has completed the capitalisation of part of its dues valued at SAR 53 million according to the management accounts as of 31 May 2021.

The capitalisation is part of the conditions to complete the agreement, under which Takween agreed to sell 70% of the share capital of one of its subsidiaries, Advanced Fabrics Factory Company (SAAF), to China's JOFO Nonwoven Co, according to a bourse filing on Wednesday.

Following the capitalisation part of Takween's dues, the capital of SAAF has been increased to SAR 184.8 million from SAR 131.8 million, and the total number of shares to be sold became 129,360 instead of 92,260.

The two parties are preparing to obtain the approval of the Saudi Ministry of Commerce to enact the share transfer.

Source: Mubasher

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