The Saudi Exchange today celebrated the listing of Armah Sports Company, a curator of leading fitness brands in Saudi Arabia, as it lists on Nomu – Parallel Market of the Saudi Exchange. The listing ceremony was attended by Nayef AlAthel, Chief of Listing at Saudi Exchange and Fahad Alhagbani Vice Chairman and CEO of Armah Sports Company.
Armah Sports Company operates in the fitness and leisure facilities industry – constructing, operating and managing health clubs and physical fitness facilities across Saudi Arabia. With its headquarters in Riyadh, Armah Sports Company has operations across Saudi Arabia. Nayef AlAthel, Chief of Listing in Saudi Exchange, said, “The successful listing of Armah Sports Company on the Saudi Exchange indicates the increasing potential of Saudi Arabia’s fitness industry, as the nation continues to promote health and wellness. Today’s listing further diversifies the investment options available in the Saudi capital market, reflecting the broader growth of the Saudi economy. We look forward to welcoming more issuers from diverse sectors to list on the Exchange.”
Fahad Alhagbani, Vice Chairman and CEO of Armah Sports Company, commented, “Armah Sports Company has been working to increase its footprint in fitness facilities. Our successful listing on the Saudi Exchange is an important milestone that will give us the necessary capital to enhance our coaching, infrastructure development, and management capabilities, while facilitating our expansion across the Kingdom and the Middle East. This Listing paves the way for us to commit more deeply to the growth of our pioneering fitness technology – the foundation upon which our company was built.”
Nomu is the Saudi Exchange’s parallel equity market, which acts as an alternative platform for companies seeking to expand and go public. Nomu – Parallel Market aims to provide an opportunity for small and medium-sized companies to diversify their funding sources and develop their businesses and activities by offering lighter listing requirements in terms of market capitalization, minimum number of shareholders, and offering percentage. Nomu – Parallel Market is open only to qualified investors.
Armah Sports Company offered 4,927,958 shares at the offering price of SAR 28 per share.
About Saudi Exchange company:
Saudi Exchange is the authorized entity in the Kingdom of Saudi Arabia to act as the Kingdom’s securities exchange (the Exchange), listing and trading in securities. The Saudi Exchange market is one of the largest stock exchanges among the 67 members of the World Federation of Exchanges, the dominant market in the Gulf Cooperation Council (GCC) and the 3rd largest stock market amongst its emerging market peers.
