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Sustained Infrastructure Holding Company (SISCO Holding) (formerly known as Saudi Industrial Services Company) announces the signing of a contract for one of its portfolio companies with Chittagong Port Authority
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SISCO HOLDING
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1445/05/22 06/12/2023 09:37:32
| Element List | Explanation |
|---|---|
| Introduction | Sustained Infrastructure Holding Company (SISCO Holding) (formerly known as Saudi Industrial Services Company) announces that its portfolio company Red Sea Gateway Terminal International Limited (in which SISCO owns 36.36% through its investment vehicle Red Sea Ports Development International Limited) has signed 22 year concession with the Chittagong Port Authority for Patenga Container Terminal (PCT) in Chittagong, Bangladesh's primary port, to develop a comprehensive long-term plan for a container terminal. |
| Date of Announcement of the Award | 2023-12-06 Corresponding to 1445-05-22 |
| Contract Subject Matter | Red Sea Gateway Terminal International (RSGTI) and the Chittagong Port Authority have entered into a 22-year concession agreement, set to commence in 2024. Under the new concession, RSGTI will develop and operate a 500,000- TEU facility at Patenga Container Terminal (PCT) in Chittagong, Bangladesh’s primary port. |
| Date of Signing the Contract | 2023-12-06 Corresponding to 1445-05-22 |
| Contract Value | It is expected that the value of the contract will reach $170 million (equivalent to SAR 637.5 million), during the contract period of 22 years. |
| Contract Details | Terms of the concession require RSGTI to commit $170 million (equivalent to SAR 637.5 million) to consolidate and develop the already existing infrastructure as a first phase to increase the total capacity to 500,000 TEUs. |
| Contract Duration | 22 years |
| Financial Impact and the Relevant Period | The financial impact of the new concession on SISCO Holding’s consolidated financial statements is expected to be reflected in 2024. |
| Related Parties | None |
| Additional Information | This concession marks a pivotal change in RSGT's overarching strategy to expand its presence in the global ports sector, elevating it to a multi-port operator. The company is currently engaged in advanced negotiations with several selected international ports and has built an extensive project pipeline. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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