Kuwait's KGL in $870m logistics deal


15/05/2011 00:00 AST

Kuwaiti logistics firm KGL said on Sunday that one of its units has won an $870 million logistics contract with the US Army along with three other companies.

Also known as Kuwait and Gulf Link Transport Co, KGL said in July 2010 that the US government had agreed to look into an objection filed by the company regarding the award of a military supply contract to its competitor, Anham.

KGL said that Anham did not meet the minimum bidding requirements for the contract.

"One of the units... has won with three other firms the Heavy Lift 7 contract with the US army in areas of Kuwait, Iraq and Saudi Arabia worth $870 million, for five years starting September 2011," KGL said in a statement on the Kuwaiti bourse website on Sunday.

KGL said it could not specify its share of the contract because it depends on the army's needs. In March, KGL said it signed a four-year storage contract with the US military worth $157 million.

The firm's shares were up 9 percent at 0800 GMT on the Kuwaiti bourse, after it made the announcement.

Reuters
Kuwait & Gulf Link Transport Co. - KGL
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 127 470,450
ETISALAT 17.15 1,265,926
GFH 0.6
MMG 0
DAMAC 3.04 4,480,836
EMIRATESNBD 8 953,900
MAADEN 48.95 8,961,398
Recent News

Maaden announces new Vice Chairman
The Saudi Arabian Mining Company (Maaden) announces the Board of Directors decision on June 21, 2017 of appointing H.E. Sulaiman Bin Abdulrahman Al-Gwaiz (non-executive member) as the Vice Chairman f

QNB sees minimal impact from standoff
Qatar National Bank said it expects to meet its earnings targets as the ongoing Saudi-led campaign to ‘isolate’ the country has minimal impact on its operations.

The Middle East’s largest le

Egypt seeks FDI boost as its economy struggles
Egypt’s investment ministry has finalised a much-anticipated set of regulations outlining incentives that it hopes will lure back badly needed foreign investors, Investment Minister Sahar Nasr told R

Qatar bourse says Gulf institutions dumped Qatari shares
The Qatar Stock Exchange on Wednesday said it believed some institutional investors from Saudi Arabia, the UAE and Bahrain dumped shares to drive down the Qatari stock market in the wake of the diplo

UAE banks clear $175bn cheques in 5 months
A total of 12.922 million cheques worth Dh643.7 billion ($175 billion) were handled by the UAE Clearing Cheque System during the first five months of 2017, according to the UAE Central Bank data.

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?