Riyadh – Mubasher: Takween Advanced Industries announced on Tuesday the right issue prospectus which involves a capital hike of SAR 600 million.
Takween’s extraordinary general meeting (EGM) will discuss on Wednesday 21 September the board’s recommendation for the capital raise.
The company’s capital amounts to SAR 350 million distributed over 35 million shares at a par value of SAR 10.
The company’s board recommended the capital increase in 17 December, 2015 through rights issue of total value of SAR 600 million to reach the optimal capital structure and reduce debts.
The board appointed HSBC Saudi Arabia as its financial advisor to manage the rights issue.
