Trading was halted on Saturday in shares of The Transport & Warehousing Group pending more news about a US army heavy equipment lease deal the Kuwait-based firm has won, the Kuwait Stock Exchange said. The company said in a statement issued after the market close that one of its subsidiaries had won a one-year US Department of Defence deal to lease heavy equipment such as cranes and tractors. The agreement includes an option to renew for two years.
The company said the exact value of the deal will fluctuate according to the client's final needs, but a company official told Reuters that it had a maximum monthly value that cannot exceed $7 million.
The Transport Group said in a separate statement, also sent to the bourse, that the US Department of Defence also increased the value of an existing fuel supply deal by 25 percent. That deal calls for the company to deliver petroleum products within the Gulf Arab state and from Kuwait into Iraq.
Shares in The Transport Group last fetched 2.900 dinars on Wednesday, which marked the end of the previous trading week in Kuwait. The shares have year highs and lows at 4.000 dinars and 2.420 dinars, respectively.
Meanwhile, the broad market index of more than 140 stocks started the new trading week on Saturday with a loss of 14.80 points, or 0.17 percent, to end at 8,602.50 compared with an all-time high of 8,988.60 reached on June 7.