# Takween signs MoU to sell 70% stake in Advanced Fabrics Factory to Jofo Nonwovens

Takween Advanced Industries signed a non-binding MoU with China's Jofo Nonwovens to sell a 70% stake in its subsidiary Advanced Fabrics Factory. The fair value of the entire subsidiary is set at SAR 307.5 million.

- Type: Acquisition
- Announced: 2020-06-09
- Where: Saudi Arabia, Saudi Arabia
- Value: $57.4M (215.3M SAR)
- Status: announced
- Products: nonwoven fabrics
- Sectors: [Industrial Textiles](https://endata.com/sectors/industrial-textiles.md)

## Companies

- [Takween Advanced Industries](https://endata.com/companies/47767.md)
- [Jofo Nonwovens](https://endata.com/companies/47116.md) (acquirer)
- [Takween Advanced Industries](https://endata.com/companies/47767.md) (partner)
- [Advanced Fabrics Factory](https://endata.com/companies/47768.md) (target)
- [Saudia Arabia Advanced Fabrics Company](https://endata.com/companies/47797.md) (target)

## Sources

- [mubasher.info](https://www.mubasher.info/news/3650829/-%D8%AA%D9%83%D9%88%D9%8A%D9%86-%D8%AA%D9%88%D9%82%D8%B9-%D9%85%D8%B0%D9%83%D8%B1%D8%A9-%D8%AA%D9%81%D8%A7%D9%87%D9%85-%D9%84%D8%A8%D9%8A%D8%B9-70-%D9%85%D9%86-%D8%B4%D8%B1%D9%83%D8%A9-%D8%AA%D8%A7%D8%A8%D8%B9%D8%A9-%D9%84%D9%80-%D8%AC%D9%88%D9%81%D9%88-%D9%84%D9%84%D8%A3%D9%82%D9%85%D8%B4%D8%A9-%D8%A7%D9%84%D8%B5%D9%8A%D9%86%D9%8A%D8%A9-/), 2020-06-09: "وقعت شركة تكوين المتطورة للصناعات "تكوين" مذكرة تفاهم غير ملزمة مع شركة جوفو للأقمشة غير المنسوجة المحدودة الصينية؛ لبيع نسبة 70% من كامل حصص شركة مصنع الأنسجة المتطورة"
- [nonwovens-industry.com](https://www.nonwovens-industry.com/breaking-news/jofo-reportedly-in-talks-to-buy-saaf/), 2020-06-10: "The company said in a stock exchange statement that it has signed a non-binding memorandum of understanding with JOFO Nonwoven Co to sell 70% of SAAF."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.