Kuwait – Mubasher: Al Imtiaz Investment Group on Thursday announced that one of its subsidiaries made the lowest offer in a tender by the Kuwait National Petroleum Company (KNPC).

The offer made by HOT Engineering & Construction Co.-KSCC (HOTECC) is worth KWD 27.9 million, the investment company said in a bourse filing.

Our subsidiary will likely see a profit margin of 2% to 4% from the total value of the contract; however, that is subject to change, Al Imtiaz noted.

The Kuwaiti-listed firm added that its stake in the net earnings of HOTECC's contract is around 50.69% due to direct investment and 17.3% due to indirect investment in the engineering subsidiary.

By 10:17am Kuwait time, Al Imtiaz's stock was stable at 142 fils per share on Boursa Kuwait, after 9.05 million shares were exchanged, generating KWD 1.27 million.

Al Imtiaz last reported a surge in its net profits for the third quarter of 2016 by 113.2% to KWD 2.58 million, compared to KWD 1.211 million in the same period in 2015.