Global Ports Holding PLC: Signs concession agreement in Nassau (865071)
29 August 2019 - 4:00PM
UK Regulatory
Global Ports Holding PLC (GPH)
Global Ports Holding PLC: Signs concession agreement in Nassau
29-Aug-2019 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Global Ports Holding Plc
Signs 25-year concession agreement for Prince George Wharf, Nassau
Global Ports Holding Plc ("GPH" or "Group"), the world's largest independent
cruise port operator, is pleased to announce that Nassau Cruise Port Ltd
("NCP") has signed a 25-year concession with the Government of the Bahamas
for the Prince George Wharf and related areas, at Nassau cruise port. NCP is
a consortium comprising GPH, the Bahamas Investment Fund ("BIF") and the Yes
Foundation. The follows the announcement of the cruise port tender, which
was announced on the 25 February 2019.
This agreement marks a truly transformational moment for GPH and firmly
delivers on the plans we set out at the time of our IPO. Nassau cruise port,
which handled 3.7m passengers in 2018, will become the largest cruise port
in our portfolio and increase our total passenger volumes by close to 50%.
Under the terms of the agreement, GPH as part of NCP, will use its global
expertise and operating model to manage the cruise port operations in
Nassau. In addition, NCP will invest up to $250m in expanding the capacity
of the port as well as taking a number of innovative steps to transform the
cruise port experience for both passengers and the local population.
The transformation will include the building of a new terminal building, the
creation of an event and entertainment area, investment into improving the
current retail facilities and the design and construction of new food and
beverage facilities. It will integrate the port into Bay Street and downtown
Nassau, with the expectation that it will act as a catalyst for the wider
redevelopment of downtown Nassau. The construction phase is expected to
start in Q4 2019 and is anticipated to be completed within 24 months, once
construction has been completed total revenues are expected to be in the
range of $35-40m per annum.
Global Ports Holding, Chairman and Co-Founder Mehmet Kutman said:
"I am delighted that Nassau Cruise Port Ltd has signed a concession
agreement for Prince George Wharf at Nassau Cruise Port. This is a truly
historic moment for Global Ports Holding. The GPH team very much look
forward to working with our partners, the cruise lines and the people of the
Bahamas to reinvigorate this iconic cruise port and the city of Nassau."
Global Ports Holding CEO, Emre Sayin, said:
"We are very happy that the Government of the Bahamas has signed a
concession agreement with GPH and its local partners. This is a strong
endorsement of GPH's operating capabilities and the global know-how that we
can bring to a cruise port.
The addition of Nassau to our cruise port portfolio marks an important
inflection point in our growth aspirations. Nassau will now become the
biggest cruise port in our portfolio, increasing our passenger volumes by
50%. We very much look forward to working with our partners to transform
both the cruise port and downtown Nassau for the benefit of Bahamians,
cruise passengers and cruise lines."
CONTACT
For investor and analyst For media enquiries:
enquiries:
Global Ports Holding, Investor Brunswick Group LLP
Relations
Martin Brown, Investor Azadeh Varzi and Imran Jina
Relations Director
Telephone: +44 (0) 7947 163 Telephone: +44 (0) 20 7404 5959
687
Email: Email: GPH@brunswickgroup.com
martinb@globalportsholding.com
ISIN: GB00BD2ZT390
Category Code: AGR
TIDM: GPH
Sequence No.: 18360
EQS News ID: 865071
End of Announcement EQS News Service
(END) Dow Jones Newswires
August 29, 2019 02:00 ET (06:00 GMT)
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