Takween Advanced Industries announced on 30 April 2026 that it signed a Share Purchase Agreement to acquire JOFO Nonwoven Company Limited’s entire 70% stake in Advanced Fabrics Factory Company (SAAF). At the time of signing, Takween already held a 30% stake in SAAF. If the transaction is completed, Takween will own 100% of SAAF’s share capital, moving from an associate position to full control of the Saudi-based operation, as described by industry coverage and Tadawul-linked reporting of the announcement.
The 70% stake being transferred is described as 129,360 shares and also as 129,360 quotas in separate reports tied to the same deal disclosure. The transaction is not framed as a traditional cash purchase in the cited materials. Instead, the consideration is structured so that Takween assumes all current and future obligations of the target company in lieu of cash payment. Those obligations include financial and operational liabilities, plus any other existing or contingent obligations, under the terms and conditions set out in the SPA.
From MoU to SPA: What the Timeline Says
The public timeline in the sources connects the April 2026 agreement to board actions taken earlier. Takween’s board of directors approved, in December 2025, the signing of a memorandum of understanding with its Chinese partner JOFO to acquire JOFO’s entire 70% stake in SAAF. Reporting also links the potential accounting visibility of this step to Takween’s consolidated reporting cycle, stating the financial impact will be reflected in Takween’s Q1 2026 consolidated financial statements, following the board’s 17 December 2025 approval of the initial memorandum of understanding.
While the signing date is clear, the sources also underline that completion is a separate step. Industry coverage notes that moving to 100% control is subject to regulatory approvals. Separately, a supplementary issuer announcement page on the Saudi Exchange carries the standard disclosure framing that the issuer accepts responsibility for the accuracy of the information and that authorities disclaim liability for reliance on the disclosure. Within that context, Takween stated it will announce any material developments related to the transaction in due course.
Later coverage indicates the process continued beyond the April signing. A Mubasher Info item dated 8 September 2026 references Takween’s announcement about completing the acquisition of the entire 70% equity interest held by JOFO Nonwovens in SAAF, explicitly linking back to the 30 April 2026 SPA announcement. For readers tracking the Takween SAAF acquisition as a vertical-integration step inside a Saudi industrial group, the key published facts are the shift from 30% to 100% ownership and the non-cash mechanism, where Takween takes on SAAF’s obligations as the primary consideration.
What stake did Takween agree to buy in SAAF, and what did it already own?
How many shares or quotas are referenced for JOFO’s 70% stake?
Was the SAAF stake purchase described as a cash deal?
What does the timeline show about the Takween SAAF acquisition process?
When did reporting say the financial impact would be reflected in Takween’s statements?
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