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24 Oct 2019 | 09:17

Global Ports commences cruise port operations in Antigua after meeting final conditions

Global Ports said it had now commenced cruise port operations in Antigua after it met all the final conditions included in the agreement with the government of Antigua and Barbuda.

As part of the agreement, GPH would finance the completion of the new pier that would be capable of berthing the largest, 5,000+ passenger vessels in the industry, the company said.

The expected total initial investment in the first 12 months of operation of the port in Antigua would be between $45m to 50m, including repayment of the existing bond, completion of new pier construction and investment into the retail facilities, the company said.

Annual revenue in year one was currently expected to be about $8m, the company said.

At 9:17am: (LON:GPH) Global Ports Holding Plc share price was -3p at 292.5p

Story provided by StockMarketWire.com
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