Takween Advanced Industries Co. — M&A Activity 2015

Mar 17, 2015

Addendum announcement from Takween Advanced Industries related to its signing of an agreement to purchase all of the shares in Savola Packaging Company

1201 · 17/03/2015 15:42:16 · Announcement #37660 · View on Saudi Exchange

Addendum announcement from Takween Advanced Industries related to its signing of an agreement to purchase all of the shares in Savola Packaging Company

Further to the announcement made by Takween Advanced Industries (Takween) on 09-03-1436H (corresponding to 31-12-2014G) regarding signing an agreement with Savola Group to purchase the entire shareholding of Savola Packaging Systems Company (the “Transaction”) for a total price of SAR 910 million and its announcement on 08-04-1436H (corresponding to 28-01-2015G) regarding issuance of approval No 147 dated 07-04-1436H from the Council of Competition Protection approving the economic concentration relating to the Transaction; its announcement on 20-5-1436H. (corresponding to 11-03-2015G) regarding obtaining an Islamic credit facility Murabaha, and its announcement on 25-05-1436H. (corresponding to 16-03-2015G) regarding execution of an amendment to the articles of association of Savola Packaging Systems Company transferring all the shares thereof to Takween, Takween announces the satisfaction of all the conditions of the Transaction, payment of the full purchase price, obtaining all required approvals and completion of all required regulatory formalities for transferring all of the shares of Savola Packaging Systems Company and its subsidiaries to Takween on 26-05-1436H (corresponding to 17-03-2015G).

It is worth mentioning that the consolidation of Savola Packaging Systems Company financials by Takween will be effective as of the first quarter of 2015.

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