ZAWYA-NEWS: Saudi Arabia’s Takween to launch SAR500mln sukuk programme

TAKWEEN
Tadawul All Shares Index
ALBILAD SOVEREIGN SUKUK ETF
ALINMA GOVERNMENT SUKUK ETF

TAKWEEN

1201.SA

0.00

Tadawul All Shares Index

TASI.SA

0.00

ALBILAD SOVEREIGN SUKUK ETF

9403.SA

0.00

ALINMA GOVERNMENT SUKUK ETF

9404.SA

0.00

Staff Writer

Saudi-listed Takween Advanced Industries is launching a SAR500 million ($133 million) sukuk programme as part of a broader recapitalisation plan. Impact46 has been appointed as the financial advisor and sole arranger.

The company plans to reduce its capital by 67.92% to SAR245.3 million in order to offset accumulated losses of SAR519.4 million. The reduction will be effected through the cancellation of approximately 51.9 million shares, bringing the total number of outstanding shares down to about 24.5 million and reducing each shareholder's shareholding by approximately 68%.

After that, Takween, which makes plastics and packaging products, plans to raise SAR400 million through a rights issue. The money will go towards boosting liquidity, supporting day-to-day operations, paying down some bank debt, and funding future plans.

The stock is down 17.24% so far this year and slipped another 2.51% in early trading on Wednesday.

(Writing by Ahmad Mousa; editing by Seban Scaria)
Ahmad.mousa@lseg.com

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