Takween shareholders approve SAR 300M rights issue

14/02/2024 Argaam
Logo ofTakween Advanced Industries Co.

Logo of Takween Advanced Industries Co.

Takween Advanced Industries Co.’s shareholders approved the board’s recommendation to increase capital via a SAR 300 million rights issue, according to a statement to Tadawul.

 

The approval came during the extraordinary general meeting (EGM) held on Feb. 13.

 

Capital Increase Details

Current Capital

SAR 464.65 mln

No. of Shares

46.46 mln

New Capital

SAR 764.65 mln

New No. of Shares

76.46 mln

Percentage of Increase

64.75%

Reason

Purchasing new assets to develop current production lines, offer new products, repay loans at high rates, and finance the working capital.

Method

SAR 300 mln rights issue

Record Date

Feb. 13, 2024 (Shareholders of record who are registered with Edaa on the second trading day following the EGM date)

 

Shareholders also endorsed the remaining agenda items.

 

The Saudi Exchange (Tadawul) said that fluctuation limits will be calculated today, Feb. 14, based on a share price of SAR 16.12, adding that the outstanding orders will be canceled. Thus, Takween rights will be deposited into investor portfolios on Feb. 18.

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