‎Takween shareholders approve 51.09% capital reduction

‎Takween shareholders approve 51.09% capital reduction

Takween Advanced Industries Co.’s shareholders approved reducing capital by 51.09% from SAR 950 million to SAR 464.6 million during the extraordinary general meeting (EGM), held on July 26, the company said in a statement to Tadawul.

Takween emphasized that there will be no major impact of the capital cut on its financial obligations.

In a separate statement, the Saudi Exchange said the daily trading fluctuation limit will be based on a share price of SAR 18.36. Outstanding orders will be canceled.

It added that the stock will be suspended for two trading sessions starting from today, July 27.

The Securities Depository Center Co. (Edaa) stated that the capital reduction will be implemented on shareholders' portfolio, noting that the stock will resume trading as of Sunday, July 30.