“Takween” signs an agreement to raise its ownership in “SAF” to 100%
Today, Takween Advanced Industries Company signed a share purchase agreement with the Chinese partner "Govo Textiles"to acquire its entire 70% stake in Advanced Tissue Factory Company – SAF.
The company said, in a statement on "Saudi Arabia trading"The deal includes the acquisition of the entire Chinese partner’s share amounting to (129,360) shares, while it owns "formation" Currently 30% of the capital "Sav" Equivalent to (55,440) shares, which will lead – upon completion of the deal – to its ownership of 100% of the company’s capital.
She added that the agreement stipulates that the seller waives his entire share, in exchange for bearing "formation" All current and future obligations of the company subject to the deal, including financial and operational obligations and any existing or potential obligations, in accordance with what was stated in the share purchase agreement.
With regard to the expected financial impact, the company indicated that, based on the requirements of the International Financial Reporting Standard (IFRS 3), the estimated net financial impact of the deal is about 3.95 million riyals (profit resulting from the acquisition), stressing that these numbers are preliminary and subject to final review by the external auditor, and may change based on the final evaluation. of net assets and liabilities on the date of completion of the deal.
It is expected that the financial impact of the deal will be reflected in the company’s consolidated financial statements during the first quarter of 2026, if the deal is completed during the period referred to.
This comes in addition to the company’s previous announcement published on the website "Saudi Arabia trading" On December 17, 2025.
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