Logo of Takween Advanced Industries Co.
Takween Advanced Industries Co.’s board of directors recommended today, March 13, to cut capital by 48.4%, followed by a 61.2% capital increase through a rights issue, according to a statement to Tadawul.
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Capital Reduction Details |
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Current Capital |
SAR 950 mln |
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Number of Shares |
95 mln |
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New Capital |
SAR 490.4 mln |
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Number of Shares |
49.04 mln |
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Percentage of Reduction |
48.4% (1-for-2.07 existing share) |
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Reason |
Restructuring capital to offset accumulated losses. |
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Date of Reduction |
By the end of the second trading day following the extraordinary general meeting (EGM), which decided the capital reduction |
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Method |
Writing off 45.96 mln shares |
Wasatah Capital was appointed as a financial advisor and underwriter for the capital cut, as well as the capital increase, the statement added.
Updates regarding the submission of the capital increase/reduction requests to the Capital Market Authority (CMA) will be disclosed, after obtaining the approvals of the competent authorities and the company’s EGM, the company indicated.
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Capital Increase Details |
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Pre-Increase Capital |
SAR 490.4 mln |
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Number of Shares |
49.04 mln |
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Post-Increase Capital |
SAR 790.4 mln |
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Number of Shares |
79.04 mln |
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Percentage of Increase |
61.17% |
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Reason |
To finance working capital and purchase of new machinery to increase sales as per the company strategy. |
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Record Date |
Shareholders of record on the date of the EGM that decides to increase capital and those registered with Edaa on the second trading following the date of the EGM – to be determined later |
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