Takween’s factory secures SAR 125.7 million loan from SIDF

Takween announced that it received on January 16, 2013 the approval of the Saudi Industrial Development Fund of a credit facility to its affiliate Advanced Fabrics valued at SAR 125.7 million. The seven-year loan will be paid back in two installments annually, starting 1436 Hijri.

The facility is collateralized by the project’s fixed assets and a Takween guarantee covering the total value of loan.

The company aims at financing the third nonwoven fabric production line at Rabigh Complex for Plastic Technology. The project’s total cost is SAR 232 million, and it will be 25% financed by internal resources and the remaining covered by loans from the Saudi Industrial Development Fund and commercial banks.

The project will help enhance the company’s production capacity of nonwoven fabric by 50%, thereby supporting its market placement.