Mubasher: Al Imtiaz Investment Group announced that the Capital Markets Authority (CMA) approved a merger between two subsidiaries of the company.

The company clarified that the two subsidiaries are owned to Al Imtiaz by stakes of 68.05% and 68.62%, according to a bourse statement on Sunday.

Al Imtiaz noted that all legal procedures are being carried out for the merger process of which financial impact will be calculated afterwards.

At the stock level, Al Imtiaz closed Sunday’s session 1.45% lower at 136 fils after 1.25 million shares were traded.