Kuwait-Mubasher: United Gulf Construction, a 99%-owned subsidiary of Jeeran Holding, was awarded a joint contract with a local company in Malawi, a bourse statement said.
The share of Jeeran Holding’s unit amounts to KWD 2.34 million ($7.78 million), accounting for 65% of the KWD 3.6 million contract. United Gulf Construction will generate an annual profit margin of 7% and 8% respectively for the first two years.
The contract lasts for 20 months, according to the parent company’s statement on Sunday.
Jeeran stock settled at 70 fils in the mid-session on Sunday, after about 35,000 shares were traded with a value of around KWD 2,450.
