Development Works Food to up capital via SAR 90M rights issue under new strategy

Development Works Food Co.'s board of directors unveiled the company’s new strategy today, Oct. 16, under which capital would be raised from SAR 30 million to SAR 120 million through a SAR 90 million rights issue, according to a Tadawul filing.

Other strategy focus points include exiting activities and divesting investments that do not generate the expected income.

This is besides creating and innovating new brands that match consumer expectations and keep pace with market changes, alongside developing existing brands and products while expanding their local and international geographical reach. 

Furthermore, under the new strategy, Development Works Food seeks to build an investment portfolio that focuses on investing in corporates, partnerships, and securities.

The new strategy is aimed at delivering sustainable returns that meet shareholders’ aspirations. This is by enhancing the company’s existing operations and resources, introducing innovative activities and new revenue streams, increasing capital, and entering into new, top-tier investments.