Mubasher: Automated Systems has signed a contract to purchase Gulf Franchising Holding’s equity in Franchise International General Trading.

Gulf Franchising’s shares have a value of KWD 150,000 ($496,000). Following this acquisition, Automated Systems is currently the sole owner of Franchise International starting from 11 October, according to a bourse disclosure on Sunday.

Automated Systems cannot determine the financial impact of this acquisition in the current time; however, the impact will be registered in the consolidated income statements of the fourth quarter of 2018.