| DUBAI, April 30
DUBAI, April 30 Shareholders of Saudi Arabia's
Bodymasters are talking to banks and weighing a listing of the
fitness chain on Saudi Arabia’s new parallel market, Nomu,
sources told Reuters.
The gym brand is currently owned through a 60/40 percent
split by two funds run separately by Saudi-based private equity
firms Amwal Al Khaleej and MEFIC Capital.
Shareholders have been speaking to investment banks for the
past few weeks, according to two sources familiar with the
transaction, who spoke on condition of anonymity as the matter
is not public.
The process is in its early stages, the sources said, and
shareholders have not decided on a specific action.
A process to invite banks to pitch for arranging the sale
was launched at the end of last year, one of the sources said.
The sources gave no details of valuation or what percentage
of shares could be floated.
The Nomu market requires companies to offer at least 20
percent to the public, according to rules on its website.
Amwal Al Khaleej declined to comment and MEFIC Capital was
not immediately available for comment on Sunday.
Bodymasters has 35 gyms, mostly in Riyadh but also in
Qassim, Dammam and Khamees Mushait, according to its website.
The shareholders were in informal talks with four potential
buyers in January last year to sell the company in a private
sale, but the sources did not comment on how the talks
concluded. The transaction was said to be worth 500 million
riyal ($133 million). (reut.rs/1RLWnZC)
(Editing by Adrian Croft)