Saudi Arabia’s Capital Market Authority (CMA) has approved the listing of a 30 percent or 15.72 million shares of Leejam Sports Company, it said in a statement on Wednesday.
The prospectus will include all relevant information including the share price, company's financial statements, activities and management. The document will be published within sufficient time prior to the start of the subscription period.
According to the CMA, the approval shall be valid for six months from its board resolution date and shall be deemed cancelled if the offering and listing of the company's shares are not completed within this period.
Leejam Sports Company operates 120 “Fitness Time” centers in Saudi Arabia and the United Arab Emirates, and will soon venture into other countries across the Middle East and North Africa, it says on its website.
In 2013, Bahrain’s Investcorp’s Gulf Opportunity Fund acquired a 25 percent stake in the firm.