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GLOBAL PORTS HOLDING PLC
M&A Activity • Aug 9, 2023
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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
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: [email protected] |
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
| ISIN: | GB00BD2ZT390 |
| Category Code: | AGR |
| TIDM: | GPH |
| LEI Code: | 213800BMNG6351VR5X06 |
| Sequence No.: | 263257 |
| EQS News ID: | 1699009 |
| End of Announcement | EQS News Service |