Takween Advanced Industries will buy Al-Ahsaa Textile Factory for SAR 31.5 million, having received confirmation from owner Al-Ahsaa Development Company, a filing on Tadawul said.
Takween took part in the tender to buy the plant in April, and received a letter today confirming its selection, the company said, expecting a financial impact in the first quarter of 2015.
Al-Ahsaa said the sale will have an estimated negative impact of around SAR 32.2 million on its third quarter results, as the plant’s book value was SAR 63.7 million.
The plant will help Takween develop its product portfolio and raise production capacity.
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