Mubasher: Al Imtiaz Investment Group said that its 87.5%-owned subsidiary, Hot Engineering and Construction Co, was awarded a services and supply contract to a centre affiliated to Kuwait Oil Company (KOC).
The contract is valued at KWD 5.13 million ($17 million), with a maturity period of four years, according to a bourse statement issued on Sunday.
The subsidiary is expected to generate a margin profit ranging from 3% to 5% of the contract’s value, yet this profit can be changed based on the project’s execution process and its duration and accomplishment rate.
Al Imtiaz clarified that its share in this profit, representing 87.5%, will be calculated as part of the net profits.
At the stock level, Al Imtiaz closed Sunday’s session 0.62% lower at 160 fils.
