The Food Development Business Company received a refusal from Tadawul to move to the main market because the transfer request was not completed, and the company will coordinate with the Saudi Tadawul Group to fulfill the requirements.
According to Arabiya Net, the company stated in a statement that it submitted a request to move to the main market on September 22, but it received an email from a trading group stating that it was incomplete. request.
The company had announced the same move to move to the main market last year, but the request was not completed due to the rejection of the Saudi Capital Market Authority and the Saudi Tadawul.
In March 2021, Saudi Tadawul decided, in coordination with the Capital Market Authority, to reject the Food Development Business Company's request to move from the parallel market to the main market.
The Saudi Tadawul said, in its statement at the time, that the food development company is allowed to resubmit the transfer request after the lapse of a period of 6 months from the date of this decision.
Tadawul referred to the decision of the Capital Market Authority's board, which included referring a number of investors suspected of violating the Market Conduct Regulations to the Public Prosecution.
The Development Food Company is a public shareholding company listed on the parallel market (Nomu) since February 2017, and was incorporated in June 2010 and operates in the consumer services sector with a focus on restaurants.
