L'Azurde extends MoU to acquire jewelry retailer Izdiad

L'Azurde for Jewelry Co has extended the exclusivity period of its memorandum of understanding (MoU) with Tamkeen Industrial & Trading Co. to fully acquire jewelry retailer Izdiad Commercial Co., the company said in a bourse statement.

The MoU, which was signed in September this year, has been extended until the end of February 2018 to finalize the financial, legal, and commercial due diligence.

Tadawul-listed L’Azurde earlier said it plans to finance the acquisition through bank credit facilities and cash generated from operational activities.