Beirut (APD) - Kuwait-based Heavy Engineering Industries and Shipbuilding Company (Heisco) was the lowest bidder in a tender bid for the first phase of Boubyan Port with KD 116 million ($401.1 million), the company announced Wednesday on the Kuwait Stock Exchange website.
Heisco partnered for the bid with China Harbour Engineering Company and Kuwait-based Shaheen Al Ghanim Roads and Bridges Construction Company, the Kuwait-based al Rai al Aam daily reported Wednesday.
Sources told al Rai al Aam that the government would review the bids in a three-month period before announcing the winning company.
The newspaper noted that six groups entered bids for the construction of the port but did not state their names.
Heisco's net profits for the first quarter of 2006 increased by 150% to reach KD 2.5 million compared with KD 1 million in the same period of 2005.
Last week, Heisco won a KD 2.67 million (about $9 million) contract in a tender launched by Kuwait National Petroleum Company (KNPC).
Heisco's share price declined by 2.7% to KD 0.35 by Tuesday's market close compared with KD 0.36 on Monday. [TS]
By Nadim Issa, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2006
