Riyadh – Mubasher:  Saudi Arabia's L'azurde Company for Jewellery agreed to extend the memorandum of understanding (MoU) with Izdiad Commercial Company of Arabia until the end of February 2018 regarding full takeover of Izdiad's capital, which is a subsidiary of Tamkeen Industrial & Trading Company, according to a statement to on Wednesday to the Saudi Stock Exchange (Tadawul).

Extending the MoU was implemented to complete the financial, legal, and commercial due diligence procedures, the company said.

By the end of September, Saudi gold and jewelry manufacturer signed a MoU with Tamkeen to acquire a 100% stake of its unit, Izdiad.

Tamkeen is operating in the affordable luxury jewelry retail sector in Saudi Arabia.

By 11:35 am KSA time, L'azurde’s stock levelled up 0.48% to SAR 16.70.