Deal signed for $156mn Bahrain recycling project

Kuwait-based investment firm Al-Abraj Holding Co has reached an initial deal with a French company for a recycling project in Bahrain worth $156 million, it said on Monday.

A company in which Al-Abraj owns a 65 percent stake would have a 40 percent share of the $600 million, 10-year deal, the firm said in a statement on Kuwait bourse website, valuing Abraj's share at $156 million. Al-Abraj did not name the French company.

The company's shares rose 1.6 percent after the statement. The Kuwaiti stock exchange had earlier halted the stock pending clarification of a report in daily Al-Watan about the deal.

Separately, Al-Watan said earlier in an unsourced report Al-Abraj was in talks with an international firm to set up a logistics firm in the United Arab Emirates and is to compete in a bid for the US Army worth up to $10 billion. Al-Abraj could not immediately be reached for comment.

Kuwait's Agility, the Gulf's biggest logistics provider by market value, owns five percent in Al-Abraj, according to Al-Abraj's website.

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