Development Works Food says transition to main market ‘not completed’

Logo of Development Works Food Co.

Development Works Food Co. received an email from the Saudi Tadawul Group on Sept. 26, stating that its transfer request from the Nomu – Parallel Market to the main market has not been completed.

The company will coordinate with the Saudi Tadawul Group to fulfill the requirements for moving to the main market, according to a bourse filing today, Sept. 27.

Any new developments will be announced in due course.

On Sept. 21, the company refiled a request for the transition from Nomu to the main market through the automated system set by the financial market for this purpose.

In March, the Saudi Exchange (Tadawul), in coordination with the Capital Market Authority (CMA), rejected the request submitted by Development Works Food for transition to the main market. The company was allowed to re-submit the request within six months from the decision date.

The company was listed on Nomu on Feb. 26, 2017, with a capital of SAR 25 million, according to Argaam data.