Global Ports Holding has signed a 30-year concession agreement with the Antigua and Barbuda Government to operate the cruise port on an exclusive basis.
The concession also includes certain retail outlets in the cruise terminal area. The signing also marks the Group’s second step in its expansion into the Americas, after the signing a deal with Havana in 2018.
Under the terms of the latest concession, the Group will manage the cruise port operations in Antigua. In addition, GPH will finance the completion of the ongoing construction of a new pier, which will allow the port to handle ‘Oasis’ class ships.
GPH will also invest in improving the current retail facilities and design and finance the construction of a new purpose-built retail and F&B facilities.
The concession’s start up is subject to a number of final conditions being satisfied, including, amongst others, the Group securing suitable financing. GPH said it is in advanced discussions with local and international banks in relation to long term bank financing for the concession.
Full financial closure and commencement of the concession is expected to occur in the first half of this year, although there can be no certainty as to the timing or that the final conditions will be satisfied.
A further announcement, as appropriate, will be made in due course, GPH said.