Takween board amends recommendation to 51.09% capital cut, SAR 300 mln rights issue

Logo of Takween Advanced Industries Co.

Takween Advanced Industries Co.’s board of directors approved today, May 11, the amendment of its recommendation to reduce capital by 51.09% from SAR 950 million to SAR 464.65 million, instead of SAR 490.4 million.

 

Capital Reduction Details

Current Capital

SAR 950.0 mln

Number of Shares

95.0 mln

New Capital

SAR 464.65 mln

New Number of Shares

46.46 mln

Percentage Decrease

51.09% (equivalent to 1 share for every 1.96 shares)

Reason

To restructure the company's capital to amortize accumulated losses

Method

Writing off 48.54 million shares
  

The company did not change its previous recommendation to increase capital, as indicated below:

 

Capital Increase Details

New Capital

SAR 464.65 mln

Number of Shares

46.46 mln

Pre-Increase Capital

SAR 764.65 mln

Number of Shares

76.46 mln

Percentage Increase

64.57%

Method

Issuance of priority rights shares worth SAR 300 mln

Reason

To finance working capital and purchase of new machinery to increase sales as per the company's strategy

Record Date

Shareholders of record on the date of the EGM that decides to increase capital and those registered with Edaa on the second trading following the date of the EGM – to be determined later
 

The recommendation to reduce the company's capital and subsequently increase it is subject to the approval of the related regulatory authorities and the approval of the company's extraordinary general meeting (EGM).

 

An announcement will be made later when submitting a request for a reduction and lift in the company's capital to the Capital Market Authority for approval.

 

There are no costs associated with the move during the current period and the financial impact will be announced later, if any, Takween said.

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