Leejam board agrees to establish 100%-owned investment subsidiary

One of Leejam’s branches

Leejam Sports Co.’s (Fitness Time) board of directors approved on June 16 the establishment of a new wholly-owned investment subsidiary, according to a bourse filing.

The new Riyadh-based unit will leverage the available investment opportunities by setting up joint ventures (JVs) and acquiring stakes in existing entities, in line with Leejam’s goals and strategy.

The subsidiary will start operating after Leejam obtains the necessary regulatory approvals.

There is no relevant financial impact at present, however, the new unit’s activities are forecast to reflect positively on Leejam’s financials.