DFM-listed restaurant operator Al Firdous to shift for Category B trading
This will be a comeback of sorts for Al Firdous shares, which were suspended in June 2011
Dubai: The shares of publicly-listed F&B operator, Al Firdous, will switch to a second trading screen on Dubai Financial Market, as part of new procedures related to dealing in “troubled” listed companies.
“Work had been stopped in the restaurants due to the poor situation of the market,” following the COVID-19 outbreak.
In fact, Al Firdous shares have not traded since mid-2011.
In the 12 months end March 31, the company and its subsidiary had revenues of Dh824,308 as against Dh2.41 million a year before. Net losses now amount to Dh7.65 million.
“Due to the current deteriorating conditions in the tourism market, investing in the company involves some risks,” Al Firdous said in a statement on DFM.
It is from July 5 that the Dubai and Abu Dhabi stock markets started the “Category B” screens, which are for companies whose shares have stopped trading for various reasons.