Takween repays SAR 75M loan to ANB from rights issue proceeds

26/03/2024 Argaam

Takween repays SAR 75M loan to ANB from rights issue proceeds

Logo of Takween Advanced Industries Co.

Takween Advanced Industries Co. repaid a working capital Murabaha facility worth SAR 75 million from Arab National Bank (ANB), using the proceeds of its latest rights issue, according to a statement to Tadawul.

 
The company added that, by repaying the loan, it aims to reduce borrowing rates and improve its financial indicators in light of the continuous increase in interest rates.

 

Takween had previously offered 30 million shares at SAR 10 each to increase capital to SAR 764.65 million from SAR 464.65 million through a SAR 300 million rights issue, Argaam earlier reported.

 

The rights issue proceeds will go for purchasing new assets to develop existing production lines, buying new assets to introduce new products, repaying loans and financing working capital.

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