Takween’s board agrees to sign loan commitment letter

Takween announced that its board of directors at its meeting on February 17, 2013 agreed to sign the letter of commitment presented by Saudi Industrial Development Fund, including the fund’s approval of a SAR 125.7 million loan to the company. (Announced on January 16, 2013). The loan will finance a project of Takween’s affiliate Advanced Fabrics.

Besides, Takween’s board of directors decided to increase the capital of Advanced Fabrics from SAR 73.8 million to SAR 131.8 million by transferring SAR 58 million from retained profits. The capital increase is based on the conditions of the Industrial Development Fund. The company will take necessary action to secure regulatory approval of the increase.