REG-Global Ports Holding PLC Signs 30-year concession agreement for Saint Lucia Cruise Port

Global Ports HoldingAnnouncement

09/08/2023 07:15

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   Global Ports Holding PLC (GPH)
   Signs 30-year concession agreement for Saint Lucia Cruise Port

   09-Aug-2023 / 07:10 GMT/BST

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   Global Ports Holding Plc

   Signs 30-year concession agreement for Saint Lucia Cruise Port

   Global  Ports  Holding  Plc  ("GPH"  or  "Group"),  the  world's   largest
   independent cruise port operator, is  pleased to announce that,  following
   the signing of a  Memorandum of Understanding, which  was announced on  21
   October 2022, it has signed a 30-year concession, with a potential 10-year
   extension option,  with  the Government  of  Saint Lucia  for  the  cruise
   related  operations  in  Saint  Lucia.  This  agreement  marks  a  further
   significant step in GPH's strategic ambitions in the Caribbean.

   Port investment and passenger experience

   As well as using  its global expertise and  operating model to manage  the
   cruise port  operations in  Saint Lucia,  GPH will  invest in  a  material
   expansion and upgrade of the cruise port facilities.

   This investment  will  expand  the  existing  berth  in  Point  Seraphine,
   allowing the handling  of the largest  cruise ships in  the global  cruise
   fleet and increasing  the port's  capacity. GPH  will also  invest in  the
   transformation of 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, providing an exciting new  space
   for local vendors. Investment  will also be  made into upland  development
   works at Soufriere Bay,  including developing a  new amphitheatre and  F&B
   area.

   In addition to  improving the  overall cruise passenger  experience in  St
   Lucia, GPH is committed to  driving significant economic benefits for  the
   local residents through improving the  facilities in and around the  port,
   such as Fisherman's Village and  driving increased passenger spend in  the
   destination.

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

   The successful commencement of  the concession is subject  to a number  of
   final conditions being satisfied, and the handover and management of Saint
   Lucia Cruise Port is expected to occur  before the end of 2023. A  further
   announcement, as appropriate, will be made in due course.

   Global Ports Holding Chairman/CEO, Mehmet Kutman said:

   "I am delighted  that the Government  of Saint Lucia  has awarded GPH  the
   cruise port concession for Saint Lucia. This concession represents another
   significant milestone  for GPH  as we  continue successfully  growing  our
   global cruise port  network. The  award is  a further  endorsement of  our
   operating  capabilities  and  the  benefits  our  stakeholder  partnership
   approach can      bring       to       cruise destinations, passengers and
   the local population.

   The GPH team very  much look forward to  working with all  stakeholders to
   build further on the success of this wonderful destination."

   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: AGR
   TIDM:          GPH
   LEI Code:      213800BMNG6351VR5X06
   Sequence No.:  263257
   EQS News ID:   1699009


    
   End of Announcement EQS News Service

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References

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