Sport Clubs Company in Riyadh has received approval to list 30% of its share capital on the Saudi stock exchange. The company operates 56 branches and has a significant presence in the fitness industry. It has launched a division for fitness equipment. Four other Saudi firms have completed IPOs this year.
Sport Clubs Company, situated in Riyadh, has received the necessary approval from the Capital Market Regulator to list 30 percent of its shares on the Saudi stock exchange, amounting to 34.3 million shares. This authorization is valid for a period of six months, and should the initial public offering (IPO) remain incomplete within this timeframe, the approval will be revoked.
Established in 1994, Sport Clubs operates 56 branches throughout 18 cities in Saudi Arabia. Its offerings include 41 men’s clubs branded as “Body Masters” and 15 women’s clubs under the “Body Motions” brand, highlighting its extensive presence in the fitness industry.
In a significant move towards growth, the company launched its Body Experts division in 2020, specializing in the distribution of fitness equipment. Additionally, Sport Clubs is among four Saudi companies that have successfully completed IPOs this year, joining Almoosa, Nice One, Derayah Financial, and Arabian Company for Agricultural and Industrial Investment (Entaj) on the main exchange.
In conclusion, Sport Clubs Company is poised to enhance its capital through the upcoming IPO, which will allow it to expand its footprint in the rapidly growing fitness market in Saudi Arabia. With robust operations and a spectrum of offerings, the company’s plans reflect a strategic alignment with the nation’s focus on wellness and fitness. The approval to list shares highlights the increasing activity in Saudi’s financial markets and the interest from various investors.
Original Source: www.agbi.com
