Development Works Food appoints new financial advisor for capital hike

Logo of Development Works Food Co.

Development Works Food Co. appointed Istidama Financial Co. as its new financial advisor to oversee the submission of its capital increase file to the Capital Market Authority (CMA).

 

In a statement to Tadawul, the company explained that the change followed the resignation of its previous financial advisor. It added that it will announce the submission of the capital increase file to the CMA and any future developments in due course.

 

According to available data from Argaam, the company’s board of directors had recommended in January to increase its capital by SAR 90 million through a rights issue.

 

In February, the company appointed Yaqeen Capital as the financial advisor to manage the rights issue process.

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