Takween’s accumulated losses shrink to 8.48% of capital

Logo of Takween Advanced Industries Co.

Takween Advanced Industries Co.’s accumulated losses shrank to 8.48% of its capital, which amounts to SAR 464.6 million, according to a statement to Tadawul. 

The company reduced its capital by SAR 485.35 million by writing off the accumulated losses, totaling SAR 524.76 million, in accordance with the decision of the extraordinary general assembly (EGM). 

On July 26, Takween shareholders approved the board's recommendation on cutting the company’s capital by 51.09% from SAR 950 million to SAR 464.6 million, according to data available on Argaam.