Mubasher: Al Imtiaz Investment Group disclosed that a 50.69%-owned subsidiary was awarded the lowest bids for a tender offered by the electricity and water ministry, upon the announcement of the Central Agency for Public Tenders (CAPT).

The 30-month tender is valued at KWD 17.621 million, according to a statement to Boursa Kuwait on Thursday.

The tender covers the construction, execution, and maintenance works of four fresh water facilities in South Al Mutlaa Residential City.

The subsidiary is expected to register a profit margin ranging from 2% to 4% of the contract value. The profit percentage is an estimated and unfixed rate, subject to any changes in some factors, including the project workflow and the execution period.

Al Imtiaz Investment added that its 50.69% ownership in the subsidiary shall represent its share in the net profit according to the estimated percentage of completion.