Global Ports Holding PLC: Signs concession agreement in Nassau (865071)

 
 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: [phone]   Telephone: [phone] 
                           687 
Email:                           Email: [e-mail] 
[e-mail] 
 
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)