Leejam Sports signs contract worth $50 mln with Technogym

26/11/2020 Argaam

Leejam Sports Co. (Fitness Time) signed, today, Nov. 26, an exclusive five-year contract worth $50 million with Technogym, according to a bourse statement.

 

Under the contract, Technogym will supply the Saudi firm's 138 active clubs and new openings planned over the next five years with equipment and digital solutions.

 

The Tadawul-listed firm will spend no less than $50 million in capital expenditure (CAPEX) over the term of the contract.

 

In addition, Technogym will maintain the equipment which will aid in rationalizing the maintenance costs.

 

The financial impact will begin as of the first quarter of 2021, and continue over the term of the contract.

 

The deal has no related parties.

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