Mubasher: Mezzan Holding on Tuesday announced the finalisation of the acquisition of 66.99% of Kuwait Saudi Pharmaceutical Industries Company (KSPIC) in consideration of KWD 20.96 million ($69.02 million).

KSPIC will be a subsidiary of Mezzan as of the date of transfer of the shares, according to a bourse statement.

Mezzan revealed that the deal’s price was funded through “available bank facilities. 

The Boursa Kuwait-listed company reported a 1.7% year-on-year increase in net profit during the first Kuwait Saudi Pharmaceutical Industriesquarter of 2019, recording KWD 5.1 million ($16.76 million).