CMA agrees to reduce capital of “Takween” to SR 464.64 mln

Saudi Capital Market Authority announced the issuance of its decision to approve the request of Takween Advanced Industries Company to reduce its capital from 950 million riyals to 464.64 million riyals, and thus reduce the number of shares from 95 million shares to 46.46 million shares.

The authority said that this approval is conditional on the approval of the company’s extraordinary general assembly and the completion of the relevant legal procedures and requirements.

Indicating that the company will publish a report prepared by it containing the proposed method for reducing the capital and the expected effects of that reduction before the Extraordinary General Assembly convenes in sufficient time for the shareholders to be able to vote on the decision to reduce the capital.

The Authority stated that the Authority’s approval of the company’s request to reduce its capital should not be seen as an endorsement of the feasibility of reducing the capital, as the decision to approve the company’s request means that the statutory requirements have been complied with according to the Capital Market Law and its implementing regulations.