Tadawul suspends Makkah Construction for failure to post 9M 2022 financials

Logo of Makkah Construction and Development Co.

The Saudi Exchange (Tadawul) announced the suspension of trading on Makkah Construction and Development Co.’s (MCDC) shares, for non-compliance with announcing the financial statements for the nine-month period ending on Sept. 30, 2022, during the regulatory period.

In a statement, the Saudi Exchange (Tadawul) stated that suspension will be effective from today, Dec. 13, until the financial statements are announced.

 According to data compiled by Argaam, Tadawul enforced a one-day trading suspension on shares of Makkah Construction on Nov. 13, due to failure to disclose financial statements for 9M 2022 during the regulatory period.

The construction firm attributed the failure to the company’s shift from the Hijri fiscal year to the Gregorian. In addition, the company noted the incompletion of the requirements of the review process for Q3 2022 preliminary financial statements.