SISCO subsidiary extends Jeddah Islamic Port lease for 10 years

16/09/2024 Argaam
Logo ofSustained Infrastructure Holding Co. (SISCO Holding)

Logo of Sustained Infrastructure Holding Co. (SISCO Holding)

Sustained Infrastructure Holding Co. (SISCO) announced that its 65%-owned subsidiary, Kindasa Water Services, signed a contract with the Saudi Ports Authority (MAWANI) to extend its lease for the desalination plant at Jeddah Islamic Port (JIP) for 10 years through November 2041. 

 

The current contract expires in 2032, according to a statement to Tadawul.

 

 

This extension is expected to reduce Kindasa’s annual depreciation charge and will have a positive impact on its financial results, further strengthening the company’s long-term financial position and growth, the statement added.

 

The lease extension will have a positive impact on both companies' consolidated financial statements as of Q4 2024.

 

The contract has no related parties.

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