Mubasher: Boursa Kuwait-listed Mezzan Holding Company raised its stake in Saudi-based Mezzan Foods Company to 99%.

Through one of its subsidiaries in Saudi Arabia, Mezzan signed a KWD 1.2 million agreement to acquire 29% stake in the Saudi company to acquire a majority stake, according to a statement to Boursa Kuwait on Tuesday.

Mezzan Holding added that the remaining 1% will be held by the Saudi Al Faisaliah Group through a subsidiary.

The Kuwaiti company expects the financial impact to be a decrease from 30% to 1% the non-controlling stake of the total equity ownership in Saudi Mezzan Foods.

Noteworthy to highlight, during the first nine months of 2019, Mezzan Holding achieved KWD 9.14 million profits, up 13.5% from KWD 8.05 million in the same period of 2018.