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Leejam board approves to establish a 100% owned investments subsidiary

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One of Leejam 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 on the investment opportunities by setting up joint ventures (JVs) and acquiring stakes in existing entities, in line with Leejam goals and strategy, after obtaining the necessary regulatory approvals.

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