Mubasher: Heavy Engineering Industries and Shipping Company (HEISCO) on Sunday announced receiving a letter of intent (LOI) through its subsidiary Gulf Dredging and General Contracting Co. KSC from The Scientific Center Management Company KSCC.
The LOI, worth KWD 5.04 million ($16.55 million), entails the expansion of the Scientific Center Kuwait’s marine-related works, HEISCO said in a statement to Boursa Kuwait.
As for the financial impact of the deal, the Kuwait-listed firm said that this would appear after the official signing of the deal and once a direct order to begin operations is given.
HEISCO last reported a profit surge of 79.6% year-on-year to KWD 2.3 million ($7.6 million) in the third quarter of 2018 from KWD 1.3 million ($4.3 million).
