UPDATE 1-Kuwait’s KAMCO, UAE’s Anham partner on U.S. army deal

(Recasts, adds details, background)

KUWAIT, Oct 28 (BestGrowthStock) – KIPCO Asset Management (KAMC.KW: )
(KAMCO) and Anham FZCO LLC plan a joint logistics firm to
execute Anham’s prime vendor contract to supply the U.S.
military, the Kuwaiti firm’s chief executive said on Thursday.

Last April, Anham was awarded a $2.2 billion contract to
supply troops in Kuwait, Iraq and Jordan after the U.S.
government replaced logistics firm, Agility (AGLT.KW: ).

“As a first step to execute this strategic partnership, we
have agreed to set up a closed Kuwaiti shareholding company
whose main activity will be logistics services,” Sadoun Ali,
KAMCO’s chief executive, told reporters.

The new firm will start operating immediately, beginning
with the U.S. military contract.

The U.S. government removed Agility amid allegations of
fraud over multibillion dollar contracts.

The decision to award the contract to Anham drew protest
from another Kuwaiti logistics firm, KGL (KGLK.KW: ), which said
the Dubai-based firm did not meet minimum bidding requirements.

Anham Managing Director Mogheith Sukhtian declined to
comment on KGL but said work on the contract was underway.

“The contract is being executed … we anticipate the
transition between the incumbent and us to be completed by the
end of the year,” he told reporters.

(Reporting by Diana Elias; Editing by Amran Abocar)

UPDATE 1-Kuwait’s KAMCO, UAE’s Anham partner on U.S. army deal