Mubasher: Noor Financial Investment has signed a preliminary agreement with its subsidiary Noor Telecommunication Company for a merger between both companies.

Under the agreement, Noor Telecommunication will be merged into Noor Financial, according to a bourse statement released on Wednesday.

Noor Financial Investment holds a 49.11% stake in Noor Telecommunication.

It is worth mentioning that the financial statements of Noor Financial Investment showed a 12% year-on-year decline in profit during the third quarter of 2019.