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L'Azurde acquires full stake in Izdiad Commercial Company
On September 25, 2017, L’Azurde For Jewelry Co. signed agreement with Tamkeen Industrial & Trading Co. to acquire 100 percent equity stake in Izdiad Commercial Co. of Arabia (Izdiad).
Deal Value | Method of Finance | Type | Status |
56.80 Million USD currencyResource Million_USD marketID 3 currencyId 3 | Internal Resources , Borrowing/Loans | Acquisition | Completed |
The Acquiring Party
Lazurde Company for Jewelry - LAZURDE | |
Country | Saudi Arabia |
Status | Listed |
Argaam Sector | Jewelry and watch Retailers |
*Market Cap (Million SAR) | 862.50 |
*Price/Share (SAR) | 15.00 |
The Acquired Party
Izdiyad arabian Trading Co. - Izdiyad | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | - |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
- *Based on the latest data available
Important Dates
Announced Date | 06-08-2018 |
Expected date for Completion | 31-10-2018 |
Main Details
Izdiad Commercial Company of Arabia was fully owned by Tamkeen Industrial & Trading Co. The company operates in the affordable luxury jewelry retail sector in Saudi Arabia.
Izdiad reported a net income of SAR 16.1 million, SAR 19.1 million and SAR 18.8 million in 2015, 2016 and 2017, respectively.
The company is the sole-franchisee and operator of TOUS international franchise in the Kingdom. TOUS has 600 stores in 50 countries and has been present in Saudi Arabia since 2008, with a local network of 20 stores
Note
* The financial results of Izdiad will be consolidated into L'azurde as of Q4 2018.
* Purchase price was reached based on fair enterprise value of SAR 188 million, and an earn-out payment of up to SAR 25 million, subject to satisfaction of certain levels of net income for the 2020 financial year.
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