KGL unit wins KWD 13.91m tenders

Kuwait – Mubasher: Kuwait and Gulf Link Transport (KGL) said that a 99%-owned subsidiary was awarded two tenders, out of three, offered by Kuwait Oil Company (KOC).

The tenders are worth KWD 13.91 million, with duration period of three years, according to a bourse statement issued on Sunday.

KGL clarified that the third tender will be awarded to another company, which has provided the second lowest bid, instead of awarding the tender contract to KGL’s unit which gave the lowest bid. It added that the subsidiary will raise a grievance.

The financial impact from winning the two tender contracts will be an estimated return of 5% which can be modified, the statement added.

On the stock level, KGL rose by 1.5% to reach 68 fils by 10:08am Kuwait time on Sunday, after 1.21 million shares were traded at a value of nearly KWD 80,200.

 

Mubasher Contribution Time: 22-Jan-2017 07:32 (GMT)
Mubasher Last Update Time: 22-Jan-2017 07:32 (GMT)