|16 January, 2020

Kuwait KGL’s unit offers lowest bids in $26mln tender

The expected return of the tender, which is made for the supply of machines, devices, and means of transport, is around 5%

Kuwait Fire Department firefighters extinguish fire at the construction site of the headquarters of the National Bank of Kuwait, Kuwait September 27, 2018. REUTERS/Stephanie Mcgehee - RC13746D3F80. Image used for illustrative purpose.

Kuwait Fire Department firefighters extinguish fire at the construction site of the headquarters of the National Bank of Kuwait, Kuwait September 27, 2018. REUTERS/Stephanie Mcgehee - RC13746D3F80. Image used for illustrative purpose.

Stephanie Mcgehee - RC13746D3F80

Kuwait and Gulf Link Transport (KGL) announced that one of its subsidiaries has offered the lowest bids for a tender valued at KWD 7.894 million ($26.08 million) by Kuwait Fire Service Directorate.

The expected return of the tender, which is made for the supply of machines, devices, and means of transport, is around 5%, according to a bourse statement on Thursday.

It is noteworthy to mention that during the first nine months of 2019, KGL’s profits declined by 66.3% to KWD 1.29 million, compared to KWD 3.83 million in the corresponding period in 2018.

Source: Mubasher

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