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Gulf Cable bags $11mn contract

Company scoops deal handed out by Kuwaiti Electricity and Water Ministry.

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Cable, Kuwait, News

Gulf Cable and Electrical Industries won a KWD 3.3mn ($10.9mn) contract tendered by the Kuwait Electricity and Water Ministry.

In a stock exchange statement the company gave no further details of the scope of the work involved.

The financial impact from such contract is expected to be a gain of 5% to 7.5% of the tender’s total value.

Gulf Cable said the gain will be booked in the fourth quarter of 2015 and during 2016.

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