Takween Advanced Industries Co. — M&A Activity 2014

Jul 23, 2014

Takween Advanced Industries announces the signing of a MoU with the Savola Group to acquire the entire share capital of Savola Packaging Company

1201 · 23/07/2014 08:34:03 · Announcement #35332 · View on Saudi Exchange

Takween Advanced Industries announces the signing of a MoU with the Savola Group to acquire the entire share capital of Savola Packaging Company

Takween Advanced Industries announces the signing of a Memorandum of Understanding with the Savola Group in relation to the potential acquisition of its operations in the plastics and packaging sectors through the acquisition of the entire share capital of the Savola Packaging Company ("Savola Packaging"), a wholly owned subsidiary of Savola and the company would declares following:

1. The MOU was signed on 22 July, 2014 and will be effective from the date of signature. The MOU, has an initial term of up to 16 weeks (i.e. up to 11 November, 2014).

2. The main scope of work of the MOU is subject to Takween completing detailed due diligence on Savola Packaging to its reasonable satisfaction, the negotiation and entry by Takween and Savola into definitive agreements in relation to the Proposed Transaction, the approval by each party's board of directors as well as any necessary shareholders and regulatory consents.

3. Takween has appointed HSBC Saudi Arabia Limited, a licensed authorised person, as its financial advisor in relation to the proposed acquisition.

Mr. Abdulmohsen M. Al-Othman, Managing Director of Takween Advanced Industries emphasized that this transaction is affirming Takween’s strategy of growth in the plastic packaging sector in both local and overseas markets.

Further announcements on Tadawul will be made if any material developments take place with regard to this transaction.

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.