Al-Mal bids for $1.2bn Philippines project

17/01/2010 00:00 AST

Kuwait's Al-Mal Investment Co, said it has bid for a tender to develop an airport in the Philippines, valued at about $1.2 billion. The firm is controlled by the family-owned conglomerate Kharafi Group.

"The firm notifies that it has bid for a tender to develop Clark airport with a cost close to $1.2 billion," Al-Mal said in a statement on the Kuwaiti bourse website on Sunday.

It said it was still in negotiations with the concerned authorities in the Philippines.


Reuters

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