Kuwait-Mubasher: United Gulf Construction, a 99%-owned subsidiary of Jeeran Holding, has signed a contract worth KWD 3.6 million ($11.9 million) to execute a project in Malawi where a local firm will be part of the infrastructure venture, according to a bourse statement.
Sixty five percent of the joint venture, equal to KWD 2.34 million ($7.78 million), will be held by the subsidiary.
The contract has duration of 20 months, Thursday statement said.
On the stock market, Jeeran gained 1.52% to settle at 67 fils at the beginning of Thursday’s session after about 80,600 shares were traded at around KWD 5,400.
