Riyadh - Mubasher: The board of Takween Advanced Industries approved the recommendation of the investment committee to raise the company’s stake in its subsidiary in Egypt, New Marina.

According to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday, the investment will be funded from the company’s credit account, which reached SAR 14 million (EGP 71 million), as shown by the annual financial statements.

Takween aims at using the decline in the Egyptian pound to raise its investment in New Marina to around EGP 60 million, rising the company’s total capital to EGP 90 million, and increasing Takween’s stake from 99% to 99.67%, without affecting the company’s financial position.

Takween will now seek to complete the required procedures and to obtain the needed approvals as per the regulations of the Egyptian market.