Takween Advanced Industries has announced that the Council of Competition has approved an economic concentration process under which Savola seeks to sell its 100% stake in its plastics division Savola Packaging Systems (SPS) to Takween Advanced Industries.

It is worth noting that Takween had previously presented a request to the Council of Competition to acquire Savola Packaging Systems. Takween had also signed a memorandum of understanding (MoU) for such an acquisition.

Savola had announced previously that the value of the deal amounts to SAR 910 million and that it expects to report a capital gain of SAR 265 million during 2015 to be used in the financing of its core operations.