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L'azurde Company for Jewelry announces the latest developments regarding signing of a memorandum of understanding to acquire a leading retailer in the affordable luxury Jewelry sector in KSA.

LAZURDE 4011 -0.66% 12.12 -0.08

L'azurde Company for Jewelry announces today that it expects to sign the share purchase agreement to acquire 100% equity stake of Izdiad Commercial Company of Arabia by end of July 2018. The Company is now in process to finalize the share purchase agreement and some other related legal documents.

L'azurde had announced on Tadawul's website on September 26, 2017 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 (Target), a limited liability company which is a subsidiary of Tamkeen and operating in the affordable luxury jewelry retail sector in the Kingdom.

On April 25, 2018, L'azurde announced the agreement with Tamkeen on the transaction price and final commercial terms related to the acquisition of Izdiad Commercial Company of Arabia which operates TOUS international franchise in KSA and that the parties will make their best efforts for signing the share purchase agreement before end of May 2018.

TOUS is an international lifestyle brand of accessible luxury that has been in business for almost 100 years and with more than 550 stores over 50 countries. As a franchisor, TOUS designs, manufactures and sells jewelry, bags and accessories for women and men. Their offering covers a wide range of products including diamond, gold and silver jewelry and accessories. TOUS has been present in KSA for the past 10 years with a network today of 22 stores across the Kingdom.

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 development will be communicated later.

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