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L'azurde inks deal to acquire 100% of Izdiad Commercial

L'azurde inks deal to acquire 100% of Izdiad Commercial
L'azurde acquires 100% of Izdiad Commercial
LAZURDE
4011
39.44% 16.90 4.78

Riyadh – Mubasher: L'azurde Company for Jewellery on Monday announced signing a share purchase agreement (SPA) to wholly acquire Izdiad Commercial Company for SAR 213 million ($56.79 million).

The deal’s value was based on a fair value of SAR 188 million and an earn-out payment of SAR 25 million, L'azurde explained the terms of the deal in a statement to the Saudi Stock Exchange (Tadawul).

The transaction is expected to be financed through bank facilities and inflows that will be generated from L'azurde operating activities, the Saudi-listed jeweller revealed, forecasting that the deal would be completed by the end of October.

Once the deal is finalised, Izdiad’s financial results will be merged with L'azurde’s, the statement added.

Izdiad Commercial Company is sole-franchisee and operator of TOUS international franchise in Saudi Arabia.

L'azurde last reported a 24.58% year-on-year drop in net profits during the second quarter of 2018, recording SAR 4.8 million, down from SAR 6.4 million.

By 12:33 pm Saudi time, L'azurde’s stock gained 0.54% to SAR 18.52.