Takween Advanced Industries Co. — Capital/Financing Update 2021

Jun 21, 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 non-objection from the General Authority for Competition to complete the economic concentration process by the JOFO Nonwoven Company's acquisition of 70% of partners shares in SAAF Co.

1201 · 21/06/2021 15:26:50 · Announcement #63827 · 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 non-objection from the General Authority for Competition to complete the economic concentration process by the JOFO Nonwoven Company's acquisition of 70% of partners shares in SAAF Co.

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Explanation

Introduction

Further to the announcement made by Takween Advanced Industries on December 30, 2020 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 of the deal, which is in the final stage, to be June 30, 2021, instead of May 31, 2021. Accordingly, the agreement will be extended until the end of June 2021.

Takween is pleased to announce to its shareholders the issuance of non-objection from the General Authority for Competition to complete the economic concentration process according to GAC letter issued with reference number 505718 dated 10-11-1442H, and it should be noted that the agreement is still subject to several conditions, including, obtaining the approval of MISA. 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 2021-05-31 Corresponding to 1442-10-19 Percentage of fulfilled achievement 90% 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

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