Mubasher: Jiyad Holding Co, formerly known as Zima Holding, has purchased a 99% stake in Fast International Co. for a total value of KWD 5.5 million ($18.2 million).

Fast has investments in a real estate firm, representing 12.5% of capital while the equity ownership stands at KWD 44 million, as registered on the purchase date, according to a bourse statement issued on Tuesday.

Jiyad clarified that the financial impact will be registered in the income statements of the period ending on 31 December 2017.

At the stock level, Jiyad closed Tuesday 1.67% higher at 54.9 fils.