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
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
SAGRINSURANCE 31.52 761,659
ALKHODARI 28.52 216,681
SABIC 96.04 4,935,763
SPIMACO 43.24 472,755
RIBL 16.07 333,208
SAVOLA 68.57 959,307
CHEMANOL 12.34 703,263
Recent News

Will Oman go United Arab Emirates way on fuel subsidies?
Muscat: Experts believe Oman will probably follow the United Arab Emirates (UAE) to end subsidies on domestic petrol as the Sultanate looks at ways to rein in its chronic deficits that have dogged it

Alba to sponsor Bahrain International Airshow
Manama: Alba has signed on as “gold” sponsor of the Bahrain International Airshow (BIAS) 2016, it has emerged.

BIAS 2016 is scheduled to be held at the Sakhir Airbase from January 21 to 23

Bahrain government- Bond oversubscribed
Manama: A public issue of five-year government development bonds has been oversubscribed, the Central Bank of Bahrain (CBB) announced yesterday.

Subscriptions worth BD181.2 million (121 pe

BCCI starts executive restructure
Manama: Bahrain Chamber of Commerce and Industry (BCCI) yesterday announced it has started implementation of a plan to restructure its administrative and executive body.

The reforms, which

Falcon Holding to boost Bahrain’s aviation push
Manama: Bahrain’s sovereign fund Mumtalakat is looking for acquisition opportunities in the aviation sector, its chief executive has said.

Mahmood Al Kooheji also told the GDN that Falcon

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

Poll

Which of the following do you think is the best long-term investment?