Mubasher: Kuwait and Gulf Link Transport (KGL) said that its 99%-owned subsidiary has signed a supply and operating contract on public transport buses in the Emirate of Sharjah in the UAE.

The contract has a duration period of 10 years, according to a bourse statement issued on Monday.

A total revenue of KWD 40 million ($133 million) is expected to be generated from executing the contract.

A return of 5% is forecast to be realised following this deal; however, this percentage can be modified based on the market conditions, the statement noted.

At the stock level, KGL closed Monday’s session 0.85% lower at 58 fils.