Takween gives nod for SAR 1.6 bln loans to buy Savola unit

02/03/2015 Argaam

 

Shareholders of Takween Advanced Industries Co. agreed to secure up to SAR 1.6 billion Sharia-compliant facilities to finalize its acquisition of Savola Group’s packaging unit.


 

The loans will also go towards for outstanding debts of target Savola Packaging Co. and its affiliates. Some of the funds will be allocated for paying borrowing charges and financing the company’s working capital, Takween said in a statement on Monday.


 

The buyer’s board was authorized to go ahead with necessary procedures to complete the purchase.


 

Last December, Takween signed an agreement with Savola Group to take over its packaging unit for a total of SAR 910 million, according to data available on Argaam.

 

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