Takween Advanced Industries Co. — Capital/Financing Update 2021

May 31, 2021

Takween Advanced Industries Co. Announces an update on in regards the developments on the Memorandum of Understanding signed with the Chinese company, JOFO Nonwoven Co. Ltd on 09/06/2020

1201 · 31/05/2021 15:44:29 · Announcement #63603 · View on Saudi Exchange

Takween Advanced Industries Co. Announces an update on in regards the developments on the Memorandum of Understanding signed with the Chinese company, JOFO Nonwoven Co. Ltd on 09/06/2020

Element List

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”), The completion of the transaction is subject to a number of conditions that were previously announced, including obtaining the approval of the concerned Saudi government entities and that either Takween or JOFO has the right to terminate the Agreement if the conditions are not met by 31 May 2021.

Takween would like to announce that the process for executing the deal is in accordance with the terms of the sale agreement, and the request is still under approval by the concerned Saudi government entities as of today, May 31. 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. 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 2020-12-30 Corresponding to 1442-05-15 Percentage of fulfilled achievement 85% 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 Impact of the Delay on the Company's Financial Results No Impact

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