Saudi jeweller L’azurde signs deal to buy rival

Saudi jeweller L’azurde signs deal to buy rival

Retailer says agreement inked to acquire 100% equity stake of Izdiad Commercial Company of Arabia

Saudi jewellery giant L’azurde has announced plans to buy a competitor operating in the affordable luxury sector in the Gulf kingdom.

L’azurde for Jewelry Company said in a statement that the board has approved the signing of a memorandum of understanding (MoU) with Tamkeen Industrial & Trading Company to acquire 100 percent equity stake of Izdiad Commercial Company of Arabia.

L’azurde, which raised SR477.3 million ($127 million) from its initial public offering in 2016, makes gold and diamond jewellery in Saudi Arabia and Egypt and distributes to wholesale markets in 52 countries, mainly in the Middle East.

The statement said the duration for the MoU is for a period of eight weeks from the signing date, extendable on the parties’ agreement.

It added that the transaction final price is subject to certain conditions and the outcome of the legal, financial and commercial due diligences and signing the final share purchase agreement between the parties.

The transaction is expected to be financed by bank credit facilities and cash generated from operational activities.

Advertisements

Posted on September 27, 2017, in #middleast, #retail, Other. Bookmark the permalink. Leave a comment.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: