Takween shareholders to vote on capital hike via SAR 300M rights issue on Feb. 13

22/01/2024 Argaam
Logo ofTakween Advanced Industries Co.

Logo of Takween Advanced Industries Co.

Takween Advanced Industries Co.’s shareholders are set to vote on the board of directors’ recommendation to increase the company’s capital through a SAR 300 million rights offering, during the extraordinary general meeting (EGM) to be held on Feb. 13.

 

Capital Hike Details

Current Capital

SAR 464.65 mln  

Number of Shares

46.46  mln

New Capital

SAR  764.6 mln

New Number of Shares

76.46  mln

Percentage Increase

64.75 %

Purpose of Capital Hike

To purchase new assets aimed at enhancing current production lines and developing new products; settle high-interest loans, and finance working capital

Method

SAR 300 mln rights issue

Record Date

Feb. 13, 2024 (Shareholders who are registered with the Securities Depository Center (Edaa) by the close of trading on the second trading day after the EGM date)
 

In May 2023, Takween’s board of directors recommended increasing capital from SAR 464.65 million to SAR 764.65 million through a SAR 300 million rights issue to fund working capital and buy extra equipment to boost sales, according to data compiled by Argaam. 

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