The Food Development Business Company has announced the decision of its board of directors to approve the transfer to the main market, from the parallel market “Nomu”.
The company stated in a statement today, Sunday, to “Saudi Tadawul”, that the transition to the main market is subject to the approval of the market and is conditional on compliance with all the requirements imposed by the market.
“Development Food” is a joint stock company, listed on the parallel market (Nomu) since February 2017, was established in June 2010 and operates in the consumer services sector with a focus on catering.
The company had announced the same move to move to the main market over the past year, but the application was not completed due to the rejection of the Saudi Capital Market Authority and the “Tadawul” financial market.
In March 2021, the Saudi stock exchange “Tadawul” decided, in coordination with the Capital Market Authority, to reject the Food Development Business Company’s request to switch from the parallel market to the main market.
In its statement at the time, “Tadawul” stated that the “Development Food Company” is authorized to resubmit the transfer request after a period of 6 months from the date of tale decision.
And “Tadawul” referred to the decision by the Capital Market Authority’s board, which included referring to prosecution the suspicion of a number of investors violating market conduct rules.
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