KGL’s subsidiary wins contract with US army

KGL’s subsidiary wins contract with US army
The contract has a duration period of five years
KGL KGL 0.93% 108.00 1.00

Mubasher: Kuwait and Gulf Link Transport (KGL) announced that its 97%-owned subsidiary, KGL Transportation Co, was awarded a contract with the US army.

The contract is related to the transportation workers in the GCC, Iraq, and Jordan, according to a bourse filing on Thursday.

The Kuwait-based firm noted that the maximum value for this contract will be KWD 164.65 million ($550 million), while the minimum value will be about KWD 1 million ($299,400).

The contract has a duration period of five years starting from March 2018, KGL said.

KGL’s share from this contract cannot be determined in the current time as this will be calculated upon the US army's needs.

A return of 5% is expected from this contract; this rate can be modified during the coming five years, KGL said. 

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Source: Mubasher

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