Takween Advanced Industries Co. Announces the Decrease of its Accumulated Losses to 29.53 % of the Capital
| Element List | Explanation |
|---|---|
| Introduction | Reference to the announcement of Takween Advanced Industries Company on 04/30/2024 regarding the preliminary financial results for the first quarter ending on 03/31/2024, the company would like to announce a decrease in accumulated losses from 42% on 12/31/2023 to 29.53% on 31/03/2024 of the company’s current capital of 764.6 million Saudi riyals |
| Date of accumulated losses decrease | 2024-03-31 Corresponding to 1445-09-21 |
| Amount of the Accumulated Losses | SAR 225.8 million |
| Percentage of the Accumulated Losses out of the Capital (%) | 29.53 % |
| Measures Taken by the Company to Decrease Accumulated Losses | The measures taken by the company to reduce the accumulated losses include implementing the recommendation of the Board of Directors at its meeting held during the month of March 2023 to approve an increase in the company’s capital by 300 million Saudi riyals through a priority rights offering.
The extraordinary general assembly to increase the capital through a rights issue was held on 2/13/2024, which approved the proposed increase. All regulatory procedures for increasing the capital have been completed and completed during March 2024. Among the measures taken by the company and announced in the prospectus for the increase is to benefit from the proceeds of this increase by purchasing new machinery and equipment, developing current production lines, repaying loans, and financing working capital, which is reflected in treating and reducing accumulated losses and thus improving the company’s general financial position. The company has already begun these procedures as soon as it receives the capital increase amount. |
| The external auditor’s report clarifying the financial position of the company |  |
| Attached Documents | |
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