Kuwait - The board of the Central Agency for Public Tenders (CAPT) decided to lift the sanctions imposed on Combined Group Contracting (CGC) effective Wednesday, 8 April.
Accordingly, the company has resumed its normal business activity with the tender committee and other government bodies, according to a stock exchange filing on Thursday.
In 2019, the Kuwaiti cabinet penalised a number of companies and engineering offices, including Combined Group, and prevented them from registering in new tenders until fixing damages resulted from rain.
In October, Combined Group submitted a new grievance asking the central agency to re-add the company to the classified contractors’ record and to lift the imposed sanctions as per Article 85(4) of the Law.
It is noteworthy that in the first nine months of 2019, the company’s profits went up by 4% to KWD 3.37 million, up from KWD 3.24 million in the same period a year ago.
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