SAAF is now wholly owned by Takween following completion of the 70% stake acquisition
Takween Advanced Industries Co. said it completed the acquisition of a 70% stake held by Chinese partner JOFO Nonwovens Co. in Advanced Fabrics Factory Co. (SAAF), according to a statement to Tadawul. 
Accordingly, SAAF is now wholly owned by Takween, with a 100% ownership interest. The relevant regulatory procedures have also been completed, including the amendment of SAAF’s commercial registration and Articles of Association.
Takween Advanced Industries Co. said it completed the acquisition and transfer of ownership of the entire 70% stake held by JOFO Nonwovens Co., Ltd. in Advanced Fabrics Factory Co. (SAAF).
In a statement to Tadawul, the company said SAAF is now wholly owned by Takween, with a 100% ownership interest. The relevant regulatory procedures have also been completed, including the amendment of SAAF’s commercial registration and Articles of Association to become a single-member limited liability company.
There was no material change in the costs associated with the transaction, the statement added.
According to data available with Argaam, Takween announced in April that it signed an agreement to acquire the stake held by its Chinese partner, JOFO Nonwoven Company Limited, in Advanced Fabrics Factory Co. (SAAF).
The transaction involved the acquisition of the Chinese partner’s entire 70% stake in SAAF’s capital, representing 129,360 shares. Takween already owned the remaining 30% stake, representing 55,440 shares.
In July, Takween obtained a no-objection from the General Authority for Competition (GAC) to complete the acquisition.
SAAF is now wholly owned by Takween following completion of the 70% stake acquisition
Takween Advanced Industries Co. said it completed the acquisition of a 70% stake held by Chinese partner JOFO Nonwovens Co. in Advanced Fabrics Factory Co. (SAAF), according to a statement to Tadawul.
Accordingly, SAAF is now wholly owned by Takween, with a 100% ownership interest. The relevant regulatory procedures have also been completed, including the amendment of SAAF’s commercial registration and Articles of Association.
Takween Advanced Industries Co. said it completed the acquisition and transfer of ownership of the entire 70% stake held by JOFO Nonwovens Co., Ltd. in Advanced Fabrics Factory Co. (SAAF).
In a statement to Tadawul, the company said SAAF is now wholly owned by Takween, with a 100% ownership interest. The relevant regulatory procedures have also been completed, including the amendment of SAAF’s commercial registration and Articles of Association to become a single-member limited liability company.
There was no material change in the costs associated with the transaction, the statement added.
According to data available with Argaam, Takween announced in April that it signed an agreement to acquire the stake held by its Chinese partner, JOFO Nonwoven Company Limited, in Advanced Fabrics Factory Co. (SAAF).
The transaction involved the acquisition of the Chinese partner’s entire 70% stake in SAAF’s capital, representing 129,360 shares. Takween already owned the remaining 30% stake, representing 55,440 shares.
In July, Takween obtained a no-objection from the General Authority for Competition (GAC) to complete the acquisition.
