Development Works Food debuts on Tadawul today; 9th firm to transition from Nomu

Logo of Development Works Food Co.

Shares of Development Works Food Co. (DWF) will list and trade on Tadawul's main market today, Nov. 23, with the symbol 6013 and under consumer discretionary/consumer services sector.

The stock will have a daily fluctuation limit of +/- 10%.

The company obtained on Nov. 17, Tadawul's approval on its transition from Nomu Parallel Market to the main market.

The company operates with SAR 30 million capital, divided into 3 million shares. The stock’s last price on Nomu was SAR 235 and it will debut at this price on the main market.

DWF will be the ninth company to transition from Nomu to Tadawul's main market.

Accordingly, the number of companies listed on the main market will rise to 191, excluding the 17 REITs. The number of companies on Nomu will decrease to 13.

Company Profile

DWF was established as a limited liability company in Riyadh, with SAR 100,000 capital in 2010. It raised its capital and converted into a closed joint-stock company with SAR 12.5 million capital.

The company's main activity is represented in chilled and frozen goods stores, restaurants, food preparation kiosks, beverage shops, fresh juices and cold drinks shops, in addition to owning and leasing real estate and import and export activities.

The company debuted on Nomu in February 2017, with 250,000 shares offered at SAR 65 per share.

During listing on Nomu, the company increased its capital twice – in September 2019, from SAR 12.5 million to SAR 25 million through bonus shares issue, and again in September 2021 from SAR 25 million to SAR 30 million through bonus shares issue.

Based on the listing rules issued by the CMA, the companies aiming to transition from Nomu to Tadawul should fulfill the following requirements:

1) File the transition request after listing on Nomu for two years.

2) The companies are required to fully comply with listing regulations on Tadawul, except for market capitalization, as the minimum market cap should stand at SAR 200 million, six months before submitting transition requests.

3) The company's board reports should be disclosed to the public

4) The company's board should approve the transition to the main market and disclose this to the public prior to start of session that follows the approval.

5) Submit the transition request to the CMA.

The company's shares will be suspended from trading for a period not more than five sessions until transition procedures are completed, following which the company's shares debut on the main market.