Restriction period for L’Azurde shareholders ends today

A lock-up period imposed on L’Azurde For Jewelry Co. (L’Azurde) shareholders after the jewelry maker’s initial public offering (IPO) nine months ago ends today.

Based on the Capital Market Authority’s (CMA) rules, founding shareholders are prohibited from selling the stock for a period of no less than nine months. 

Founders that own 70 percent of the company’s capital are only entitled to sell shares in the market after notifying the market regulator.

L’Azurde obtained CMA approval in May last year to sell as many as 12.9 million shares, or 30 percent of the company’s capital, in an initial public offering (IPO).

The company is one of the few manufacturers producing both 18K and 21K gold jewelry. It designs, manufactures and distributes gold, diamond and precious gemstones either directly, or through its distributors in Saudi Arabia and other countries.

L’Azurde has 11 showrooms in the kingdom, two in Egypt, and two in the United Arab Emirates.