Takween Advanced Industries Co. — Share Issue/Capital Change 2016

Sep 25, 2016

Takween Advanced Industries Co. announces the results of shareholder extraordinary general assembly meeting approving companys capital Increase

1201 · 25/09/2016 09:19:44 · Announcement #43908 · View on Saudi Exchange

Takween Advanced Industries Co. announces the results of shareholder extraordinary general assembly meeting approving companys capital Increase

Takween Advanced Industries Company announces that its extraordinary general assembly meeting to approve the capital increase was held at the Company’s head office in Al Khobar City, King Fahed Bin Abdulaziz Road, Al Towarqi Tower (2nd Floor), on Wednesday 20-12-1437H corresponding to 21-09-2016G at 18:30 pm. After the required quorum was met, the general assembly issued the following resolutions:

Frist: Approve the Board of Directors recommendation to increase the Company's capital through a rights issue as follows:

1. The capital will be increased from SAR 350,000,000 to SAR 950,000,000

2. The percentage of the capital increase will be 171.42%.

3. The number of shares before the increase is 35,000,000 shares and the number of shares after the increase will be 95,000,000 shares.

4. The capital increase will be by way of a rights offering with a total value of SAR 600,000,000.

5. The total number of offered shares will be 60,000,000 shares.

6. 1.71 rights issue shares will be issued for every share of the Company.

7. The offer price will be SAR 10 inclusive of the nominal value of SAR 10 per share.

8. The shareholders who are registered in the shareholders register in the Securities Depository Center (Tadawul) at the closing of the trading day of the extraordinary general assembly will be eligible to participate in the rights issue.

9. The objective of the capital increase is to reach the optimal capital structure and reduce the value of the debt.

Second: Approve the amendment of article (7) of the bylaws regarding the Company’s share capital such increase in capital.

Third: Approve the amendment to Article (8) of the bylaws regarding the Company’s share capital pursuant to such increase in capital.

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.