Tadawul rejects Development Works Food request for transition to main market

Logo of Development Works Food

Saudi Stock Exchange (Tadawul), in coordination with the Capital Market Authority (CMA), rejected the request submitted by Development Works Food Co. for transition to the main market.

The company is allowed to re-submit the request within six months from the decision date, according to a bourse statement. 

The company’s request was turned down, as the CMA last week referred a group of investors to the Public Prosecution due to violating the Capital Market Law and the Market Conduct Regulations, as they carried out practices that involved stock price manipulations and fraud on several companies, including Development Works Food.

On Oct. 28, 2020, the company submitted a request to move to the main stock market, through the automated system set by Tadawul for this purpose. The request was submitted again on Nov. 24.