REG-Global Ports Holding PLC Commences operations at Saint Lucia Cruise Port

Global Ports HoldingAnnouncement

01/05/2024 07:15

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   Global Ports Holding PLC (GPH)
   Commences operations at Saint Lucia Cruise Port

   01-May-2024 / 07:00 GMT/BST

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   Global Ports Holding Plc

   Commences operations at Saint Lucia Cruise Port

   Global  Ports  Holding  Plc  ("GPH"  or  "Group"),  the  world's   largest
   independent cruise port operator, is pleased to announce the  commencement
   of operations at Saint Lucia Cruise Port. On 9 August 2023, GPH  finalised
   a 30-year concession agreement with  a 10-year extension option. With  the
   fulfilment of the final  conditions, GPH has  now commenced operations  at
   the port.

   Port investment

   Under the terms of the  concession agreement, GPH is  set to invest up  to
   USD  60  million  on  taking   over  existing  indebtedness  and   capital
   expenditure into a material expansion  and enhancement of the cruise  port
   facilities at Saint Lucia Cruise Port. The CAPEX programme is expected  to
   take ca. 24 months, whereas  the existing indebtedness, transaction  costs
   and customary reserve  accounts in an  amount of ca.  USD 20 million  have
   occurred as of closing. The financing of the majority of the investment is
   secured through a long-term (15  year), syndicated loan facility  arranged
   by a leading regional bank  with a total funding  commitment of up to  ca.
   USD 50 million.

   This investment includes  expanding and  enhancing the  existing berth  in
   Point Seraphine, enabling the handling of the largest cruise ships in  the
   global cruise fleet and increasing  the port's capacity. Furthermore,  GPH
   will also invest in transforming the retail experience at the cruise port,
   including the  redevelopment of  the Vendor's  Arcade and  the design  and
   development of  a new  Fishermen's Village  at Banannes  Bay, offering  an
   enticing area for local vendors. Upland development work at Soufriere  Bay
   will also be carried out, including constructing a new amphitheatre and  a
   designated food and beverage area.

   In addition to elevating the overall cruise passenger experience in  Saint
   Lucia, GPH is  committed to generating  significant economic benefits  for
   the local residents by  improving the facilities in  and around the  port,
   such as  Fisherman's Village,  and increasing  passenger spending  in  the
   destination.

   In the 12 months to 31  March 2023, Saint Lucia welcomed c590k  passengers
   (2019 calendar  year  c790k); the  completion  of the  extended  pier  and
   upgrading of the facilities  are expected to lead  to a rise in  passenger
   volumes to over 1m in the medium-term.

   Network expansion

   The addition of Saint Lucia Cruise Port to GPH’s network is a further step
   in our strategic ambitions in the Caribbean. Saint Lucia Cruise Port takes
   the number of consolidated ports in GPH’s network to 26 cruise ports, with
   passenger volumes  for the  12 months  to 31  March 2025  now expected  to
   exceed 16 million. The total  number of ports, including  equity-accounted
   ports, is  now 31,  with annual  passenger volumes  of nearly  20  million
   expected for the 12 months to 31 March 2025.

    

   CONTACT                                                 
   For investor, analyst and financial media enquiries:    
   Investor Relations                                      
   Martin Brown                                            
   Telephone: +44 (0) 7947 163 687                         
   Email:  1 martinb@globalportsholding.com                

    

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:          GB00BD2ZT390
   Category Code: MSCH
   TIDM:          GPH
   LEI Code:      213800BMNG6351VR5X06
   Sequence No.:  318931
   EQS News ID:   1893541


    
   End of Announcement EQS News Service

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References

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