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Takween Completes SAAF Purchase

Saudi-based nonwovens producer is now a wholly-owned subsidiary of company

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By: Karen McIntyre

Editor, Nonwovens Industry
acquisitions

nespix / stock.adobe.com

Takween Advanced Industries Company has completed the acquisition and transfer of JOFO Nonwovens Co., Ltd.’s entire 70% stake in Advanced Fabrics Factory Company (SAAF), making SAAF a wholly owned subsidiary of Takween. JOFO has purchased the 70% stake in SAAF from Takween in 2021.

In a filing on the Saudi Exchange (Tadawul), Takween said it has completed the relevant regulatory procedures, including amendments to SAAF’s Commercial Registration and Articles of Association, converting it into a single-member limited liability company wholly owned by Takween Advanced Industries.

Takween announced in April it would acquire the remaing shares of the company, marking SAAF’s transition from an associate company to a wholly owned subsidiary of Takween. Takween previously held a 30% stake in the entity.

Takween will integrate SAAF’s nonwoven fabric production capabilities into its broader industrial portfolio. SAAF specializes in the manufacture of nonwoven materials used primarily in the medical, hygiene and industrial sectors.

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