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Agility bidding for Kuwait Health Assurance Co stake

Kuwait's Agility has bid about 25.6 million dinars ($92.44 mln) to acquire a strategic stake in Kuwait Health Assurance Co. (KHAC), a company currently under establishment in the Gulf Arab state, Agility said on Sunday.

December 4, 2011 9:49 by

KHAC is a project envisioned in Kuwait’s five-year development plan and aims to privatise expatriate health insurance and associated medical care. The project also includes plans to build and operate three new hospitals and 15 health clinics in the Gulf state.

The company is being set up with a capital of 318 million dinars ($1.15 billion) and the required equity to establish the firm is 30 percent, the logistics firm said in a statement to Kuwait bourse.

Strategic investors are required to bid for 26 percent of the 30 percent equity capital contribution, the firm said.

Agility, which is facing US fraud charges, said its bid excludes the optional premium of 50,000 dinars. It is yet to receive a reply for the bid, the company said.

The logistics firm posted a 42-percent fall in third-quarter net profit on the back of lost defence and government work.

Agility, which was the largest supplier to the US Army in the Middle East during the war in Iraq, pleaded not guilty in August to charges it defrauded the US government over multibillion-dollar supply contracts. ($1 = 0.2770 Kuwaiti dinars) (Reporting by Dinesh Nair, Editing by Shaheen Pasha)

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