Riyadh – The Capital Market Authority (CMA) approved the request of Takween Advanced Industries Company to increase its capital by SAR 300 million rights issue.

The new capital will stand at SAR 764.64 million following the capital hike, according to a bourse filing.

Takween submitted the capital increase application to the CMA on 23 August 2023.

In the first nine months (9M) of 2023, the Saudi firm recorded 87.85% higher net losses after Zakat and tax at SAR 86.13 million, versus SAR 45.85 million in 9M-22.

Revenues plummeted by 20.37% to SAR 644.93 million in the January-September 2023 period from SAR 809.89 million, while the loss per share dropped to SAR 0.65 from SAR 0.99.

The accumulated losses hit SAR 60.37 million as of 30 September 2023, which accounted for 12% of its SAR 464.64 million capital.

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