Takween scraps SAR 650M local sukuk program

Logo of Takween Advanced Industries Co. 

Takween Advanced Industries Co. terminated its SAR 650 million local sukuk program denominated in Saudi riyals, confirming that it will not proceed with the remaining financing tranches under the program.

In a statement to Tadawul, the company said it had successfully completed a SAR 60 million financing tranche through the electronic platform, while the remaining approved financing tranches under the program were not completed.

Following discussions with Sukuk Capital, both parties agreed to terminate the program and discontinue the remaining financing tranches. Accordingly, Takween’s board approved the termination of the sukuk program.

Takween noted that it does not expect any material impact on its financial statements as a result of this development, explaining that the decision was made as part of a review of available financing alternatives in line with the company’s current funding requirements.

In a separate statement, Takween said it plans to establish a new local sukuk program denominated in Saudi riyals and compliant with Shariah, with a total value of SAR 500 million.

The company appointed Impact46 as financial advisor and sole arranger for the proposed sukuk program (public and private offerings), in accordance with the terms and conditions approved by the board.

Takween stated that any issuance under the program will be carried out in accordance with the relevant laws and regulations and subject to obtaining the necessary approvals. The company added that it will disclose any further material developments in due course.

In October 2025, the company announced its plan to establish a SAR 650 million local sukuk program denominated in Saudi riyals and compliant with Shariah, as reported earlier by Argaam.