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.


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Ticker Price Volume
QNBK 136.00 231,900
JAZIRATKFL 26.86 534,258
SABIC 106.55 1,939,269
WALAA 34.99 574,653
SAICO 19.41 1,501,906
SAAC 8.14 741,166
PETRORABIGH 20.69 2,507,924
KGL Sector Market
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IQCD 109.50 -0.50 (-0.46%)
QEWS 193.00 3.15 (1.65%)
MPHC 13.23 -0.02 (-0.16%)
AGLTY 888.00 -8.00 (-0.90%)
ALBH 0.62 0.00 (0.00%)
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