Riyadh – Mubasher: Takween Advanced Industries’ extraordinary general meeting (EGM) will discuss on Wednesday 21 September the board’s recommendation for a capital raise through a rights issue worth SAR 600 million.
The EGM will also consider amending articles 7 and 8 of the company’s statute to conform with the capital increase, according to a bourse filing on Wednesday.
The company’s capital amounts to SAR 350 million distributed over 35 million shares at a par value of SAR 10.
Takween’s board recommended capital hike on 17 December, 2015, to reach the optimal capital structure and reduce the total debit value, the statement said.
