L'Azurde pushes Izdiad acquisition deal to July-end

L'azurde for Jewelry Co. has postponed the signing of an agreement to fully acquire Izdiad Commercial Co. of Arabia to the end of July 2018.

L'azurde is currently finalizing the related legal procedures, the company said in a bourse filing.

The acquisition deal, which was initially slated for May 2018, is expected to be financed by operating cash flows as well as bank facilities.

Last September, L'azurde’s board of directors approved signing a memorandum of understanding (MoU) with Tamkeen Industrial & Trading Co. (Tamkeen) to fully acquire Izdiad, a jewelry retailer owned by Tamkeen.

It also announced in April that both companies agreed on the acquisition deal price as well as other terms.