SISCO Holding unit inks SAR 637.5M concession with Bangladesh's Chittagong Port Authority

Sustained Infrastructure Holding Co. (SISCO Holding)

Sustained Infrastructure Holding Co. (SISCO Holding) announced that its 36.36% owned portfolio company, Red Sea Gateway Terminal International Limited (RSGTI), signed a 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. 

In a statement to Tadawul, SISCO Holding said that the value of the contract is expected to reach $170 million (SAR 637.5 million) during the contract period. The concession will commence in 2024. 

Under the new concession, RSGTI will consolidate and develop the existing infrastructure as a first phase to increase the total capacity to 500,000 TEUs. 

This concession marks a pivotal change in RSGTI'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 built an extensive project pipeline, the statement said. 

The financial impact of the new deal will be reflected on SISCO Holding’s consolidated financial statements in 2024, SISCO added, noting that no related parties to the agreement.