REG-Global Ports Holding PLC GPH agrees concession terms for Las Palmas de Gran Canaria Cruise Port, the Canary Islands

Global Ports HoldingAnnouncement

11/07/2022 07:15

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   Global Ports Holding PLC (GPH)
   GPH agrees concession terms for Las Palmas de Gran Canaria Cruise Port,
   the Canary Islands

   11-Jul-2022 / 07:00 GMT/BST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   Global Ports Holding Plc

   GPH agrees concession terms  for Las Palmas de  Gran Canaria Cruise  Port,
   the Canary Islands

   Global  Ports  Holding  Plc  ("GPH"  or  "Group"),  the  world's   largest
   independent cruise port operator, is pleased to announce that Global Ports
   Canary Islands S.L. ("GPCI"), an 80:20  joint venture between GPH and  our
   local partner  Sepcan  S.L.,  has  agreed  on  the  terms  for  a  40-year
   concession agreement to operate  Las Palmas de  Gran Canaria Cruise  Port,
   Canary Islands, Spain.

   The addition of  Las Palmas de  Gran Canaria Cruise  Port takes the  total
   number of cruise ports  to 22 across  the Caribbean, Mediterranean,  South
   Atlantic, Asia and Northern European cruise regions.

   This concession agreement follows GPH's  announcement on 10 November  2021
   that GPCI had been awarded preferred bidder status to operate cruise  port
   concessions for  Las Palmas  Cruise Ports.  This preferred  bidder  status
   covered concessions for the  port of Las Palmas  de Gran Canaria, port  of
   Arrecife (Lanzarote) and Puerto del Rosario (Fuerteventura).

   The Group, GPCI  and the  Port Authority of  Las Palmas  continue to  work
   towards finalising  the  20-year  concessions for  the  port  of  Arrecife
   (Lanzarote) and Puerto  del Rosario (Fuerteventura).  The concessions  for
   these ports are expected to be  agreed upon before GPH's half-year end  on
   30 September 2022

   GPH expects to  take over  cruise port operations  at Las  Palmas de  Gran
   Canaria, Arrecife and  Puerto del  Rosario in  calendar Q4-2022.  Although
   there can be no certainty  as to the timing  or that the final  conditions
   will be  satisfied.  A  further  announcement will  be  made  when  it  is
   appropriate to do so.

   GPCI will invest approximately €40 million into constructing a new  cruise
   terminal in Las Palmas and modular terminal facilities in Marmoles pier in
   Arrecife and Puerto del Rosario  in Fuerteventura. The debt financing  for
   this project is  expected to  be secured  by local  banks, and  GPH is  in
   advanced discussion regarding the financing. The debt metrics are expected
   to align with the Group's historical precedents.

   Update on additional port operations

   GPH would like  to take this  opportunity to provide  an update on  recent
   steps taken to expand the smaller cruise port network in Europe.

   In Italy,  GPH  recently  signed  a concession  agreement  with  the  Port
   Authority System of  the South  Tyrrhenian and  Ionian seas  for a  4-year
   renewable concession to manage the  services for cruise passengers in  the
   Port of Crotone, Italy.

   As part of the concession, GPH will improve the systems and technology  to
   improve the operational  performance of  the cruise  port. Crotone  Cruise
   Port is expected to welcome c24k passengers in 2022.

   In Spain, GPH, through a 50/50 joint venture with local partners, recently
   started non-exclusive cruise port operations  at Vigo Cruise Port under  a
   concession agreement that currently runs until the end of 2024.

   Vigo Cruise Port  is capable of  handling four small  cruise ships or  two
   large  ships  simultaneously  and  with  GPH  protocols  and   operational
   standards in place, it is now in a position to host cruise ships for  both
   transit and turnaround  operations. GPH's cruise  port operations at  Vigo
   are expected to host 11 cruise calls in 2022.

    

   CONTACT                                   
   For investor,  analyst  and  financial   For media enquiries:
   media enquiries:
   Investor Relations                       Global Ports Holding
   Martin Brown                             Ceylan Erzi
   Telephone: +44 (0) 7947 163 687          Telephone: +90 212 244 44 40
   Email:                                   Email:
    1 martinb@globalportsholding.com         2 ceylane@globalportsholding.com

    

   Global Ports Canary Islands S.L. ("GPCI"): GPH owns 80% of GPCI and Sepcan
   S.L. owns 20%.  Sepcan is a  Canary island family-owned  company that  has
   been providing services  to the port  of Las Palmas  since 1936 and  since
   1998 has  been  focused  on mooring/unmooring,  luggage  handling,  ship's
   provisioning and passenger services. They also specialise in environmental
   services and maritime pollution prevention.

    

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   ISIN:          GB00BD2ZT390
   Category Code: AGR
   TIDM:          GPH
   LEI Code:      213800BMNG6351VR5X06
   Sequence No.:  173711
   EQS News ID:   1394481


    
   End of Announcement EQS News Service

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References

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   1. mailto:martinb@globalportsholding.com
   2. mailto:ceylane@globalportsholding.com


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