L’azurde agrees on price, terms for Tamkeen acquisition

L’azurde Company for Jewelry has agreed with Tamkeen Industrial & Trading Company (Tamkeen) on the transaction price and final commercial terms related to the acquisition of Izdiad Commercial Company of Arabia, it said in a statement to Tadawul on Wednesday.

The parties expect to sign the share purchase agreement before end-May.

The transaction is expected to be financed by bank credit facilities and cash generated from operational activities, the statement added.

There are no related parties involved in this transaction.

L’azurde in September signed a memorandum of understanding (MoU) with Tamkeen to acquire  Izdiad Commercial Co. of Arabia, a jewelry retailer owned by Tamkeen.

Izdiad operates the TOUS international franchise in Saudi Arabia, which designs, manufactures and sells jewelry, bags and accessories for women and men. 

TOUS has a network of 21 stores in the Kingdom, and operates more than 550 stores in over 50 countries.