L'azurde for Jewelry Company (the Company) announces that on 25/09/2017 the board of the Company approved the signing of a memorandum of understanding (MoU), with Tamkeen Industrial & Trading Company (Tamkeen) to acquire 100% equity stake of Izdiad Commercial Company of Arabia, a limited liability company owned by Tamkeen and operating in the affordable luxury jewelry retail sector in the Kingdom.


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

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 Company has not appointed a financial advisor at this stage of the transaction.

The transaction is expected to be financed by bank credit facilities and cash generated from operational activities. There are no related parties involved in this transaction and any related developments will be communicated later.