Addendum announcement from Takween Advanced Industries Co. related to the restructuring of TAI subsidiaries
In reference to the company announcement on Tadawul website dated 15/10/2015 regarding the restructuring of Takweens’ subsidiaries after the acquisition of Savola Packaging Systems, Takween Advanced Industries announce the steps that have been taken so far which were already approved by BoD:
1. Amended Takween Advanced Industries ownership in Al Sharq Plastic Industries and New Marina Plast to become 99%, same as Takween Advanced Industries ownership in the rest of its subsidiaries.
2. Transferred the main registration certificate of Saudi Plastic Packaging Systems (Ex-Savola Packaging Systems) from Jeddah to Al Hasa.
3. Completed the structuring process of Al Oyoun Factory; which become the biggest factory for producing plastic packaging products that Takween owns; and start a gradual transferring process of PET Preform Factory (Ultrapak) machines from Jeddah to Al Hasa without interfering the production activities of the factory OR delaying the delivery commitments of the customers. Noting that there will be no financial impact as per the company plan.
4. The company is still under the process of completing the rest of the legal steps regarding the restructuring and to obtain the approvals of all governmental entities on this regard. Any new related development will be announced by the company once completed.