Mubasher: Livestock Transport and Trading has signed a KWD 16 million ($53 million) contract with Ocean Shearer, a Singapore-based company owned by livestock export company Wellard Ships, to purchase the vessel ‘Ocean Shearer’.

The contract is expected to be sealed during the first quarter of 2020, Livestock Transport disclosed to Boursa Kuwait on Monday.

It further added that in the current period, there is no financial impact on the company’s profile. However, the company’s assets are expected to rise with the same value alongside the increase in operating revenues after fulfilling all conditions as well as the actual operating of the vessel.

It is noteworthy to mention that in December, Livestock Transport signed a contract with Ocean Shearer to start the contracting procedures to buy the vessel ‘Ocean Shearer’ following the approval of the company’s board members on 5 December to modernise and finance its sea fleet.

By the end of the first nine months of 2019, Livestock Transport recorded about KWD 99,3100 profits, against losses of KWD 1.92 million in the same period of 2018.