Sustained Infrastructure Holding Co. — Capital/Financing Update 2019

Jan 29, 2019

Saudi Industrial Services Co. (Sisco) announces signing a Memorandum of Understanding with Saudi Ports Authority (Mawani) for one of its subsidiaries

2190 · 29/01/2019 08:30:17 · Announcement #53328 · View on Saudi Exchange

Saudi Industrial Services Co. (Sisco) announces signing a Memorandum of Understanding with Saudi Ports Authority (Mawani) for one of its subsidiaries

Element List	Explanation
Introduction	Saudi Industrial Services Co. (SISCO) announces on, 22/05/1440 H, corresponding to 28/01/2019 AD, signing of a Memorandum of Understanding (MoU) between its subsidiary Red Sea Gateway Terminal Co. (RSGT, of which SISCO owns 60.6%) and Saudi Ports Authority (Mawani), to further develop northern part of Jeddah Islamic Port (JIP) on long-term basis in addition to RSGT’s existing terminal.

Jeddah Islamic Port is Kingdom’s largest seaport, handling approximately 50% of the all containerized volume of the country. As per the MOU, RSGT will consolidate the container facilities in northern part of Jeddah port and execute a comprehensive development plan upgrading and adding berth capacity, while modernizing yard and all support facilities, including RSGT’s existing terminal. This will create a world-class facility capable of serving the important local market, while also catering for the growing regional transshipment trade in line with key Vision 2030 objective of making the Kingdom a key logistics player in the region.

RSGT is the first container terminal in the Kingdom built by the private sector under a build, operate, and transfer (BOT) agreement at a cost of more than SAR 2 billion and has a capacity of 2.5 million TEUs. It is the only terminal at Jeddah Islamic Port capable of fully accommodating Ultra-Large Container Ships (ULCS) of 14,000+ TEU capacity and is consistently rated as one of the best performing terminals globally. In 2018, RSGT volumes grew by more than 16% as compared to 2017. Signing date of the memorandum 2019-01-28 Corresponding to 1440-05-22 Signed party Saudi Ports Authority (Mawani) Memorandum Subject future expansion program in Jeddah Islamic Port (JIP). Memorandum Duration There is no specific period Related Parties There are no related parties Financial Impact This development will not have any material impact on current year financial results of the company Additional Information SISCO will announce additional details once parties have agreed the binding terms.

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