Takween Advanced Industries Co. — Capital/Financing Update 2021

Jun 23, 2021

Takween Advanced Industries Co. Announces an update in regard to the developments on the Memorandum of Understanding signed with the Chinese company, JOFO Nonwoven Co. Ltd on 09/06/2020 about the issuance of Industrial investment license from the Ministry of Investment for the two parties' (Takween Company and JOFO Company)

1201 · 23/06/2021 15:22:45 · Announcement #63864 · View on Saudi Exchange

Takween Advanced Industries Co. Announces an update in regard to the developments on the Memorandum of Understanding signed with the Chinese company, JOFO Nonwoven Co. Ltd on 09/06/2020 about the issuance of Industrial investment license from the Ministry of Investment for the two parties' (Takween Company and JOFO Company)

Element List

Explanation

Introduction

Further to the announcement made by Takween Advanced Industries on December 30, 2020 , May 31,2021 & June 21,2021 regarding signing the term sheet for an agreement to sell shares to JOFO ("Agreement"), under which Takween agreed to sell 92,260 shares in one of its subsidiaries, Advanced Fabrics Factory Company (“SAAF”), representing 70% of the share capital of SAAF (the “Transaction”), AND the two parties' (Takween Company and JOFO Company) have agreed to extend the deadline for fulfilling the implementation until the end of June 2021.

Takween is pleased to announce to its shareholders the issuance of Industrial investment license from the Ministry of Investment, letter issued with reference number (121034211106584) dated 11-11-1442H, Noting that the company have received the license today 13-11-1442H afternoon by the advisor of JOFO Co (the Buyer), and it should be noted that the agreement is still subject to fulfilling several conditions as per the purchase agreement. TAKWEEN will continue to announce any material developments with respect to the progress of the agreement. Previous Announcement the developments on the Memorandum of Understanding signed with the Chinese company, JOFO Nonwoven Co. Ltd on 09/06/2020 Date of Previous Announcement on Tadawul's Website 2021-06-21 Corresponding to 1442-11-11 Percentage of fulfilled achievement 95% Event's Expected Completion Date 30-06-2021 Reasons for Exceeding the Announced End Date Completing the process of obtaining the approval of the concerned government entities The costs associated with the event, and if they have changed or not with indication of the reasons. No Changes Impact of the Delay on the Company's Financial Results No Impact Additional Information TAKWEEN will announce the financial impact at the completion of all approval requirements

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.