Takween gets GAC no-objection to acquire Chinese partner’s 70% stake in SAAF

Upon completion of the transaction, Takween will own 100% of SAAF’s share capital

Takween Advanced Industries Co. received today, July 5, a no-objection from the General Authority for Competition (GAC) to acquire the entire 70% stake held by Chinese partner JOFO Nonwovens Co. in Advanced Fabrics Factory Co. (SAAF).

In a statement to Tadawul, the company said it will complete the remaining regulatory procedures to finalize the planned acquisition and will disclose any related material developments in due course, in accordance with the applicable regulations and rules.

Takween added that there has been no material change in the costs associated with the previously announced transaction.

According to Argaam data, Takween signed an agreement in April to acquire the Chinese partner’s stake in SAAF LLC.

The transaction covers the Chinese partner’s entire 70% stake in SAAF, represented by 129,360 shares. Takween currently owns the remaining 30% stake, represented by 55,440 shares. Upon completion of the transaction, Takween will own 100% of SAAF’s share capital.