Mubasher: Kuwait and Middle East Financial Investment (KMEFIC) announced that its 90%-owned subsidiary Middle East Financial Brokerage Co has signed a non-binding memorandum of understanding (MoU) with KFIC Financial Brokerage, a 98.5%-owned subsidiary of Kuwait Finance and Investment (KFIC).

KMEFIC noted that the agreement covers the possibility of a merger between the two companies in addition to appointing legal and financial consultants, according to a bourse statement on Monday.

It added that the financial impact of this MoU cannot be determined in the current time, and it will be announced once the final agreement is sealed.