Riyadh – Mubasher: The stock of Takween Advanced Industries Company fell 0.88% to reach an all-time low of SAR 4.51.
The Consumer Cyclical sector stock is currently trading below its key technical benchmarks, with the 20-day Simple Moving Average (SMA) at SAR 4.89, the 50-day SMA at SAR 5.02, and the 200-day SMA at SAR 5.93.
Technical indicators show a Relative Strength Index (RSI) of 23.73, signaling oversold territory, alongside a Moving Average Convergence Divergence (MACD) of -0.13 and an Average Directional Index (ADX) of 15.39.
The price milestone coincides with the company’s appointment of a financial advisor, lead manager, and underwriter to facilitate a board-recommended capital reduction followed by a SAR 400 million rights issue.
Concurrently, Takween provided updates on its share purchase agreement to acquire a 70% equity interest in Advanced Fabrics Factory Company (SAAF) from JOFO Nonwovens Co., Ltd. The share purchase agreement aims to consolidate the company's position in the nonwovens segment as it restructures its capital base.
