Sport Clubs Company Secures Approval for 30% Stock Market Listing in Saudi Arabia

Sport Clubs Company, located in Riyadh, has been authorized to list 30% of its share capital on the Saudi stock exchange, selling approximately 34.3 million shares. The approval is valid for six months. The company operates 56 branches in Saudi Arabia and launched a fitness equipment division in 2020.

Sport Clubs Company, based in Riyadh, has received authorization from the Capital Market Regulator to issue 30 percent of its share capital on the Saudi stock exchange. This involves the sale of 34.3 million shares on the main market and the approval is valid for six months, after which it will be rendered null if the initial public offering (IPO) is not completed within that timeframe.

Established in 1994, Sport Clubs Company has expanded to operate 56 branches throughout 18 cities in Saudi Arabia. Its array of services includes 41 men’s clubs under the ‘Body Masters’ brand and 15 women’s clubs operating under the ‘Body Motions’ brand, as highlighted on its official website.

In addition to its fitness facilities, the company entered the fitness equipment distribution sector in 2020 with the launch of its Body Experts division, further diversifying its market presence. The growing interest in Saudi Arabia’s wellness initiative supports this expansion.

This year has seen four Saudi firms successfully complete IPOs, listing their shares on the kingdom’s main exchange, including Almoosa, Nice One, Derayah Financial, and Arabian Company for Agricultural and Industrial Investment (Entaj). These developments mark a promising trend for the local economy and investment landscape.

In conclusion, Sport Clubs Company’s approval to float 30 percent of its share capital on the Saudi stock exchange represents a significant step for the firm and the broader wellness market in Saudi Arabia. With its extensive network of fitness facilities and ongoing expansion initiatives, the company is well-positioned to capitalize on the increasing focus on health and fitness in the region. The successful IPOs of other Saudi companies this year further underscore a robust investment environment.

Original Source: www.agbi.com