Shearman & Sterling in association with Dr. Sultan Almasoud & Partners represented Takween Advanced Industries Company, a leading producer of plastic packaging solutions and non-woven fabrics materials, on its proposed SAR 600 million rights issue on the Saudi Stock Exchange (Tadawul), which was approved by the Capital Market Authority of Saudi Arabia in July 2016. When completed, this landmark offering will be the second-largest rights issue under the tradable rights framework introduced in the Kingdom in 2012.

The team was led by partners Sanjarbek Abdukhalilov and Dr. Sultan Almasoud (both Saudi Arabia-Corporate); counsel Igor Ryabchuk (Saudi Arabia-Corporate); senior associate Wassim (El) Khoueiry (Saudi Arabia-Corporate); and associates Basil Alfouzan, Ali Alshareef and Rakan Alyusuf (all Saudi Arabia-Corporate and Litigation).

Earlier this year, the firm successfully represented MetLife-AIG-ANB Cooperative Insurance Company on its SAR 175 million rights issue on Tadawul.