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.
Mr. Abdulmohsen Al-Othman
Chairman of the Board of Directors
Message of the chairman
Despite the overall difficult international economic climate, Takween continued its achievements and success in plastic packaging, (PET) preforms and nonwoven fabrics industries. In the beginning of 2011 the company launched an IPO for 30% of its capital. With God’s will, the offering proved to be a great success in the Saudi Stock Market and was covered approximately six times. The key to the IPO’s success lay in the investors understanding of the many promising elements in Takween’s story, elements that every investor seeks when evaluating an investment opportunity.
Takween has been able to recruit the best minds and skills. Takween and its companies employed talented management professionals across all divisions. Amongst their greatest attributes is their ability to work as a coherent team which aligns with the company’s philosophy of investing all effort towards increasing shareholder value.
As a fundamental element of the Takween’s strategy, which the management team has devised a plan which includes an upgrade of the company’s ERP and database to a more sophisticated system which helps increase efficiency and decreases costs, and additionally integrates the resources of Takween and its associated companies so they can work together as a consolidated entity.
Another exciting development was adding a third nonwoven fabrics production line at the Petro-Rabigh Complex for Plastics Technology, a strategic investment that gives Takween a competitive edge and will hopefully leverage its market position, placing it way ahead of other companies in the region. We firmly believe that this project is a promising investment for the future.
On behalf of my fellow Board Members, I would like to congratulate Takween’s team and stakeholders for the completed accomplishments. We believe that success is the result of teamwork founded on a vision and leadership that can achieve the company’s strategic objectives.
Board Of Directors
Mr. Abdulmohsen Al-Othman
Chairman of the Board of Directors
Mr. Saleh Al Afaleq
Mr. George Abraham
Mr. Jameel Al Molhem
Board Member and Managing Director
Mr. Khalid Al-Moammar
Mr. Ibrahim Almubarak
Mr. Hassan Kabbani
Senior Management Team
The core values of the Company mainly depend on working to achieve leadership in transformational industries in KSA through the provision of various high-quality products and contributing to the conservation of the environment. The strategy of the Company depends on a number of main elements through which it seeks to achieve its strategy:
Takween specializes in owning, developing and employing the latest polymer technology for the production of high quality product packs, as well as non-woven textiles used for fast-circulated consumer goods and consumer goods in the middle east and the world. The Company’s main focus is becoming the partner of choice for major world advanced textile producers. In addition, the Company seeks to accomplish its mission through understanding the needs of its customers and motivating its staff to meet the needs of the market and the customers by using the latest technologies and equipment to develop production and quality methods. The Company focuses on long-term partnership with its customers in world and local markers and has a positive influence on its stakeholders through professional work by optimizing the use of its manufacturing facilities and constant supervision of its production lines in KSA and abroad.
The core values of the Company mainly depend on working to achieve leadership in transformational industries in KSA through the provision of various high quality products and contributing to the conservation of the environment. The strategy of the Company depends on a number of main elements through which it seeks to achieve its strategy: Integrity and Respect: mutual confidence and respect with customers and partners. Quality and Excellence: Upgrading the production efficiency of the Company according to the best quality standards to promote its financial results and revenues, provide best services to customers in KSA and abroad and enhance their satisfaction and loyalty to the Company. Collaborative Team: Attracting highly competent staff, securing a sound and collaborative work environment, ensuring staff welfare and training them to assume their job duties at optimal levels, developing our HR and focusing on staff training to achieve good management principles that combine Company growth with partner welfare. Effectiveness and Efficiency: To allocate resources though the most effective and efficient methods to avoid wasteand achieve best results. Social Responsibility: To comply with all laws and regulations according to CSR standards and support social activities. Environmental Responsibility: To comply with environmental standards in all our activities and operations.
Research and Development
Takween is dedicated to offering innovative and comprehensive solutions that meet our customers’ needs now and in the future. That is why we have set up dedicated research and development facilities for each of our subsidiary companies where in-depth research into the polymers and nonwoven fabrics industry, in collaboration with Saudi and international research centers, drives innovations that allow Takween to develop holistic solutions for our clients.