Takween Advanced Industries has entered into a definitive Share Purchase Agreement (SPA) to acquire the remaining 70% of shares in Saudi Advanced Fabrics Company (SAAF) from JOFO Nonwoven Company Limited (JOFO).
The transaction, signed on April 30, 2026, marks the transition of SAAF from an associate company to a wholly owned subsidiary of Takween. Prior to this agreement, Takween held a 30% stake in the entity.
Under the terms of the SPA, Takween will acquire 129,360 shares, representing the entirety of JOFO’s holding in SAAF. The acquisition is structured through the assumption of liabilities; Takween will assume all of SAAF’s current and future financial and operational obligations in exchange for the equity transfer.
Takween’s management expects a preliminary financial gain of approximately SAR 3.95 million resulting from the acquisition. This impact is scheduled to be reflected in the company’s consolidated financial statements for the first quarter of 2026.
The move to 100% ownership allows Takween to fully 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.
The signing follows a Memorandum of Understanding (MoU) initially approved by the Takween Board of Directors on December 17, 2025. Following a period of due diligence and negotiation, both parties reached a final agreement to finalize the divestment by the Chinese partner, JOFO.
The completion of the share transfer remains subject to customary regulatory approvals in the Kingdom of Saudi Arabia. Takween has stated it will provide further updates as the legal and administrative processes conclude.
About Takween Advanced Industries
Headquartered in Al-Khobar, Takween Advanced Industries is a leading Saudi joint-stock company specializing in plastic packaging solutions and nonwoven industrial fabrics. The company operates multiple manufacturing facilities across the region, serving the consumer goods and healthcare industries.
About Saudi Advanced Fabrics Company (SAAF)
SAAF is a manufacturer of high-performance nonwoven fabrics, utilizing advanced technology to supply materials for specialized applications, including medical disposables and hygiene products.
