The company started its operation on 05/05/1414H (corresponding to 21/10/1993G) as Al Othman Factory for Plastic Products which was a branch of an establishment owned by Mr. Mohamed Abdullah Zaid Al Othman. The capital of the branch was SAR1,000, 000 (One Million Saudi Riyals) at that time. On 06/02/1422H (corresponding to 30/04/2001G) the branch of Al Othman factory for Plastic Products was converted into a limited Liability Company with share capital of SAR 32,000,000 (Thirty Two Million Saudi Riyals). As part of the conversion process, the name of Al Othman Factory for Plastic Products was changed to Al Othman Plastic Products Company, a limited Liability Company.
On 28/12/1431H (corresponding to 04/12/2010G), the Minister of Commerce and Investment passed the Ministerial Resolution No. (391/S) converting Al Othman Plastic Products Company from a Limited Liability Company to a Closed Joint Stock Company named Takween Advanced Industries, with Commercial Registration No. (2051044381), dated 09/01/1432H (corresponding to 15/12/2010G) and issued in Al-Khobar. At that time, the Company’s capital SAR97, 539,000 (Ninety Seven Million Five Hundred and Thirty Nine Thousand Saudi Riyals).
On 01/02/1432H (corresponding to 05/01/2011G), the Extraordinary General meeting (EGA) of shareholders was held to approve the Company’s capital increase up to the amount of SAR300,000,000 (Three Hundred Million Saudi Riyals). The increase value was covered by capitalizing SAR202,461,000 (Two Hundred Two Million Four Hundred Sixty One Thousand Saudi Riyals) from shareholders’ account, statutory reserve, and retained earnings as at 21/10/1431H (corresponding to 30/09/2010G). Having obtained the required regulatory approvals from the CMA, the Company listed 30,000,000 (Thirty Million) ordinary shares in Tadawul on 15/03/1433H (corresponding to 07/02/2012G), offering 30% of the shares for public subscription.
On 27/05/1434H (corresponding to 08/04/2013G), the Extraordinary General Meeting (EGA) of shareholders was held to approve the Company’s capital increase up to the amount of SAR350,000,000 (Three Hundred Fifty Million Saudi Riyals). The increase value was covered by capitalizing SAR50,000,000 (Fifty Million Saudi Riyals) from retained earnings as at 18/02/1434H (corresponding to 31/12/2012G).
The company’s current share capital SAR350,000,000 (Three Hundred and Fifty Million Saudi Riyals) divided into 35,000,000 (Thirty Five Million) ordinary shares, fully paid up, with a nominal value of SAR 10 (Ten Saudi Riyals) each.
The Company conducts its business in the Kingdom through its headquarters in Al Khobar and its factory in Al-Ahsa, which is registered under the commercial registration no. (2250021688). The company also acquired a factory in Al-Ayoun City, Al Ahsa, after it was awarded the tender to purchase this factory, which was previously owned by Al Ahsa Development Company and was shut down. Takween’s offer, which amounted to SAR31,500,000 (Thirty One Million and Five Hundred Thousand Saudi Riyals), was appropriate based on the evaluation prepared by a specialized committee from MODON and included the purchase of the whole factory and its facilities, including the staff residential building. MODON has supervised general tender procedures in its capacity as the competent authority responsible for managing failing factories, whether by reopening or selling them. The company signed the Contract of Sale on 09/10/1435H (corresponding to 05/08/2014G).
The Company exercise its activity inside the Kingdom through its subsidiaries, namely: Ultrapak and SAAF. Takween acquired Savola Packaging Systems Company (currently trading under the name “Plastico”), which owned two subsidiaries, namely: Al Sharq in Saudi Arabia and New Marina in Egypt. Al Sharq owns three factories in the Kingdom and New Marina owns two factories in Egypt.
On 06/03/1437H (corresponding to 17/12/2015G), the Company’s Board of Directors, pursuant to the minutes of the meeting number (08/2), recommended that the Company’s capital be increased through right issue of SAR600, 000,000 (Six Hundred Million Saudi Riyals).
As at 19/12/1437H (corresponding to 21/09/2016G), the shareholders attending the EGA approved the recommendation made by the Board of Directors to increase the SAR350,000,000 (Three Hundred Fifty Million Saudi Riyals) through a rights issue to reach SAR950,000,000 (Nine Hundred Fifty Million), divided into 95,000,000 (Ninety Five Million) ordinary shares with a nominal value of SAR10 (Ten Saudi Riyals) each.