Saudi Gazette report

RIYADH — The Saudi Stock Exchange (Tadawul) announced the suspension of shares of three companies listed on the main stock market. These companies are Development Works Food Company, Saudi Industrial Export Company, and Nayifat Financing Company.

The punitive action against these companies is attributed to their failure to announce the financial statements during the period ending on June 30, 2024 within the statutory period specified in the rules for offering securities and continuing obligations issued by the Board of the Capital Market Authority.

In a statement on its website, Tadawul company said the punitive measure was taken in line with the market’s powers stipulated in the listing rules, and the procedures for suspending trading of listed securities.

The punitive measures against these companies include suspending trading of their shares in the market for one trading session on Monday Aug. 12. Trading of shares of these companies will resume for 20 trading sessions starting from Tuesday, Aug. 13 following the session in which trading was suspended.

The companies must publish financial statements before the end of Monday, Sept. 9, 2024. In the event of failure of any of these companies to announce the financial statements during the mentioned period, trading in the share will be suspended again starting from Tuesday, Sept. 10 until the date of their announcement of the financial statements.