Takween signs MoU to buy Savola plastics unit

Takween Advanced Industries signed yesterday a memo of understanding to acquire Savola Packaging Systems Company, wholly owned by Savola Group, in a bid to enhance its activities locally and internationally.

The memo is valid for 16 weeks, and will allow Takween to do the due diligence checks of the target company before entering into final deal, a filing on Tadawul said.

Takween hired HSBC as financial advisor to the deal.