Riyadh - Mubasher: Takween Advanced Industries Company has completed the acquisition of a 70% stake in Saudi Advanced Fabrics (SAAF) from JOFO Nonwovens Company Limited.
The transfer of ownership follows a share purchase agreement originally signed on 30 April 2026 and subsequent regulatory approval from the General Authority for Competition received on 5 July 2026.
With the conclusion of this transaction, Takween now holds 100% of the shares in SAAF.
The company confirmed that all legal and regulatory procedures have been finalized, including the amendment of SAAF’s commercial registration and articles of association.
Consequently, the subsidiary has been restructured into a single-person limited liability company.
Takween stated that there have been no material changes to the costs associated with the acquisition since the initial announcement on 30 April. This move aligns with Takween’s strategic objectives to consolidate its industrial holdings within the advanced fabrics sector.
