UAE’s TNI-led consortium lists subsidiary on Saudi bourse

A consortium led by Abu Dhabi-based The National Investor (TNI) has listed 12.9 million ordinary shares of L'azurde Company for Jewelry on the Saudi bourse.

The listing of L'azurde by TNI, Investcorp and Eastgate Capital on Tadawul represents 30 per cent of the company's share capital at a value of SAR 477.3 million.

The Consortium owns a majority stake of 77.5 per cent in L’azurde.

L'azurde’s, which posted revenues of SAR 530.1 million in 2015, designs and manufactures gold jewellery in Egypt and Saudi Arabia, and distributes and sells gold jewellery across more than 52 countries through more than 2,200 independent retailers.

L’azurde, which employs more than 2,700 employees, also operates its own portfolio of 14 retail L'azurde-branded jewelry stores which the Company hopes to expand in the coming years.

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