Takween gets CMA approval on capital cut to SAR 464.65 mln

06/06/2023 Argaam
Logo of Takween Advanced Industries Co.

 

Logo of Takween Advanced Industries Co.

The Capital Market Authority (CMA) approved a request by Takween Advanced Industries Co. to reduce capital from SAR 950 million to SAR 464.65 million, according to a statement to Tadawul.

 

As a result, the number of shares will decline from 95 million to 46.464 million.

 

The proposal is pending the approval of the company’s extraordinary general meeting (EGM).

 

On May 11, Takween’s board of directors approved amendments to its recommendation to reduce capital by 51.09% from SAR 950 million to SAR 464.65 million instead of SAR 490.4 million, data compiled with Argaam showed.

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