L'Azurde for Jewelry Co. expects to sign the share purchase agreement to acquire 100 percent equity stake in Tamkeen Industrial & Trading Company's subsidiary, Izdiad Commercial Company of Arabia, by Aug.9, it said in a statement to Tadawul on Wednesday.

 

Last September, the jeweler had signed a memorandum of understanding to acquire Tamkeen's subsidiary, which operates in the Kingdom's affordable luxury jewelry retail sector.

 

The transaction is expected to be financed by bank credit facilities and cash generated from operational activities, the statement said, adding,  there are no related parties involved in the transaction.

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