Takween’s board recommends capital increase

The board of Takween Advanced Industries recommended on its meeting on February 17, 2012 the following:

Raising company’s capital by 17% from SAR 300 million to SAR 350 million, by using SAR 50 million from retained profits as stated in the financial position of the company on December 31, 2012.

The total number of shares before the increase was 30 million and will reach 35 million by distributing bonus shares on 1-for-6 basis.

The shareholders of record till the close of trading on the extraordinary general meeting date will be entitled to the dividend. The meeting date will be specified after regulatory approval.

The capital increase aims at financing company’s expansion plans that focus on boosting production capacity and production lines.

If fractional shares result after distribution, they will be pooled in a single portfolio, sold on the market, and their value transferred to entitled shareholders. That shall be within a month from the date of distribution of bonus shares.