Riyadh – Mubasher: Takween Advanced Industries Company announced that the Saudi Ministry of Investment issued an industrial investment licence for its subsidiary Advanced Fabrics Factory Company (SAAF), according to a bourse disclosure on Wednesday.

This announcement followed Takween’s previous disclosures on signing a memorandum of understanding with China-based JOFO Nonwoven Company.

Takween had agreed last year to sell 92,260 shares of SAAF to the Chinese company.

The listed firm noted that it will disclose the financial impact of the transaction once all procedures are completed.

Source: Mubasher

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