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  • 08-04-21

    Saudi markets regulator confirms proposed rights issue of jeweler L’azurde

    (MENAFN)The Saudi markets regulator confirmed the planned rights issue of jeweler L’azurde.

    The Riyadh-based company in a stock exchange filing declared that the Capital Market Authority (CMA) confirmed the plan to boost its share capital by SR145 million (USD38.6 million).

    L’azurde further stated in the filing that “The reason for a capital increase is to support future expansion activities and provide working capital to increase operational capacity and to reduce debt to equity ratio.”

    The Coronavirus pandemic hit the global jewelry sector when mortar retailers were required to close as in some countries; weddings and other celebrations were also put on hold which in turn hit sales of gold and diamonds.

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