Takween rebrands Savola Packaging as Plastico SPS

15/10/2015 Argaam

Takween Advanced Industries Co. has changed the name of its recently acquired Savola Packaging Systems Co. to Saudi Arabia Plastic Packaging Systems Co. (Plastico SPS).

 

Takween acquired Savola Packaging and its subsidiaries—Al Sharq Plastic Co. and the Egypt-based New Marina Plastic Industries—in March, 2015 for SAR 910 million from the Savola Group.

 

In a board meeting on Wednesday, the plastic products maker also amended ownership in Al Sharq Plastic Co. and New Marina Plastic Industries to be 99 percent each held by Takween rather than by Savola Packaging, the company said in a filing to the Saudi bourse, Tadawul.

 

It also decided to restructure its packaging sector into four units; one in Riyadh, one in Jeddah, and two units in Al Ahsa.

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