French Cybergun announces 36 million euro arms contract with Kyiv

French company Cybergun announced it signed a contract worth 36 million euros ($38.7m) to supply Ukraine with various weapons.

Shares in the French company surged by 76 percent in early trading on the back of the Ukraine contract, giving the company a market capitalisation of about 4 million euros ($4.2m).

Kyiv has been urging its allies to maintain support in its war with Russia as troops face battle fatigue.

President Volodymyr Zelenskyy announced plans last month to expand the country’s domestic defence industry through partnerships with Western weapons manufacturers in a bid to increase supplies.