Riyadh - Mubasher: Takween Advanced Industries Company received a no-objection certificate from the General Authority for Competition (GAC) regarding its acquisition of a 70% stake in Advanced Fabrics Factory Company (SAAF).
The approval, secured on 5 July 2026, allows the company to proceed with the transaction to purchase the entire shareholding currently held by JOFO Nonwovens Company Limited.
The regulatory clearance follows a share purchase agreement originally signed and disclosed on 30 April 2026. The GAC approval is a key component of the legal procedures required to finalize the deal.
In a bourse disclosure, the company confirmed there has been no material change to the costs associated with the acquisition.
Takween will now move forward with the remaining regulatory requirements to complete the transfer of ownership.
Further material developments regarding the transaction will be disclosed in accordance with relevant regulations and instructions.
In June, Takween terminated its Saudi Riyal-denominated local Sukuk program, which was originally authorized for a total value of up to SAR 650 million.
