Mubasher: Kuwait and Gulf Link Transport Company (KGL) and KGL Logistics announced that an Egyptian appeal court annulled an international arbitration verdict previously issued against Damietta Port Authority (DPA). 

The international arbitration verdict ordered the DPA to pay $427.36 million to the Damietta International Ports Company (DIPCO), a sister company of the two Kuwaiti companies, in addition to $67.09 million as legal interest on the principal amount, as well as legal interest on compensation and fees worth $120 million and $3.56 million, the two companies said in separate disclosures to Boursa Kuwait on Sunday. 

The financial impact of the ruling on the financial position of the two companies can't be determined at the moment.