DUBAI: Saudi Arabian sports and fitness business Leejam Sports Co. will offer 30 percent of its existing shares in a public offering (IPO) next month, according to a prospectus on the Saudi bourse website.
The listing is the latest in what is expected to be a busy pipeline of public share sales in the kingdom, encouraged by a government drive to entice investment and diversify the economy away from a reliance on oil.
Leejam’s subscription period takes place from August 1 to August 7.
The company will offer shares to both Saudi nationals and institutional investors. Potential investors can subscribe for shares between Aug. 1-7.
Reuters reported in May last year that the investment banking arm of Samba Financial Group and Rothschild had been selected to arrange a share sale, which was expected to raise 1 billion riyals ($266.7 million).
Since then the company, which operates around 115 fitness clubs under the Fitness Time brand, has been waiting for the right opportunity to list, sources told Reuters in February this year.
Bahrain-listed private equity firm Investcorp acquired a 25 percent stake in the firm in 2013.
Saudi Arabia’s Leejam Sports to offer shares next month
Saudi Arabia’s Leejam Sports to offer shares next month
- The listing is the latest in what is expected to be a busy pipeline of public share sales in the kingdom
- Leejam’s subscription period takes place from August 1 to August 7
European gas prices soar almost 50% as Iran conflict halts Qatar LNG output
- Analysts warn prolonged disruption could push prices higher
- Some shipments of oil, LNG through Strait of Hormuz suspended
- Benchmark Asian LNG price up almost 39 percent
LONDON: Benchmark Dutch and British wholesale gas prices soared by almost 50 percent on Monday, after major liquefied natural gas exporter Qatar Energy said it had halted production due to attacks in the Middle East.
Qatar, soon to cement its role as the world’s second largest LNG exporter after the US, plays a major role in balancing both Asian and European markets’ demand of LNG.
Most tanker owners, oil majors and trading houses have suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz, trade sources said, after Tehran warned ships against moving through the waterway.
Europe has increased imports of LNG over the past few years as it seeks to phase out Russian gas following Russia’s invasion of Ukraine.
Around 20 percent of the world’s LNG transits through the Strait of Hormuz and a prolonged suspension or full closure would increase global competition for other sources of the gas, driving up prices internationally.
“Disruptions to LNG flows would reignite competition between Asia and Europe for available cargoes,” said Massimo Di Odoardo, vice president, gas and LNG research at Wood Mackenzie.
The Dutch front-month contract at the TTF hub, seen as a benchmark price for Europe, was up €14.56 at €46.52 per megawatt hour, or around $15.92/mmBtu, by 12:55 p.m. GMT, ICE data showed.
Prices were already some 25 percent higher earlier in the day but extended gains after QatarEnergy’s production halt.
Benchmark Asian LNG prices jumped almost 39 percent on Monday morning with the S&P Global Energy Japan-Korea-Marker, widely used as an Asian LNG benchmark, at $15.068 per million British thermal units, Platts data showed.
“If LNG/gas markets start to price in an extended period of losses to Qatari LNG supply, TTF could potentially spike to 80-100 euros/MWh ($28-35/mmBtu),” Warren Patterson, head of commodities strategy at ING, said. The British April contract was up 40.83 pence at 119.40 pence per therm, ICE data showed.
Europe is also relying on LNG imports to help fill its gas storage sites which have been depleted over the winter and are currently around 30 percent full, the latest data from Gas Infrastructure Europe showed. In the European carbon market, the benchmark contract was down €1.10 at €69.17 a tonne
