L'Azurde inks MoU to acquire jewelry retailer

L'azurde for Jewelry Co. ‘s board of directors approved on Monday the signing of a memorandum of understanding (MoU) with Tamkeen Industrial & Trading Co. (Tamkeen) to fully acquire Izdiad Commercial Co. of Arabia, a jewelry retailer owned by Tamkeen.

The MoU is valid for eight weeks from the signing date, and can be extended on both parties' agreement, L’Azurde said in a bourse statement.
 

The transaction’s final value is subject to certain conditions and due diligence, as well as signing the final acquisition agreement between the parties.

L’Azurde has not yet appointed a financial advisor for the deal, the statement added.

The acquisition is expected to be financed by bank credit facilities and cash generated from operational activities, the Tadawul-listed jewelry retailer added.

There are no related parties involved in the transaction.