|30 September, 2018

KGL’s unit wins $230mln contract from US army

Seven and a half-year contract set to be signed with American government this week

Mubasher: Kuwait and Gulf Link Transport (KGL) on Sunday announced its subsidiary KGL Car Rental Co, has won a $230 million (KWD 70 million) car leasing contract with other companies from the US army.

The seven and a half-year contract is set to be signed with the American government this week, KGL said in a filing to the Boursa Kuwait.

The Kuwaiti firm indicated that its unit cannot set its share in the contract as the contract is based on the US army’s needs.

The company expected a 5% yield of the referred contract’s works value, pointing out that this percentage may change.

In August, KGL revealed that its 97%-owned subsidiary, KGL Transportation Co, won a KWD 2 million contract with Kuwait Oil Company (KOC).

By 10:44 am Kuwait time, KGL’s stock rose by 2% to KWD 102.

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