Sport Clubs
Riyadh-based Sport Clubs Company has received approval to float 30 percent of its share capital on the Saudi stock exchange.
The Capital Market Regulator has given its nod to sell 34.3 million shares on the main market.
The approval will be valid for six months but is deemed cancelled if the initial public offering (IPO) is not completed within the given period.
Established in 1994, the company operates 56 branches across 18 cities in the kingdom. Its portfolio includes 41 men’s clubs under the “Body Masters” brand and 15 women’s clubs under the “Body Motions” brand, according to its website.
Sport Clubs ventured into the fitness equipment distribution market in 2020, launching Body Experts division.
Four Saudi companies have completed IPOs and listed their shares on the kingdom’s main exchange so far this year: Almoosa, Nice One, Derayah Financial, and Arabian Company for Agricultural and Industrial Investment (Entaj).
