Global Ports, an independent cruise port operator, it had signed a 30-year concession agreement with the Government of Antigua and Barbuda to manage cruise port operations in Antigua on an exclusive basis.
Under the terms of the concession agreement, the company would finance the completion of the ongoing construction of a new pier which would allow the port to handle Oasis class ships.
The Group also agreed to invest in improving the current retail facilities and designing and financing the construction of new purpose built retail and F&B facilities.
'The successful commencement of the concession is subject to a number of final conditions being satisfied, including, amongst others, the group securing suitable financing,' the company said.
'Full financial closure and commencement of the concession is expected to occur in H1 2019, although there can be no certainty as to the timing or that the final conditions will be satisfied.'
At 10:15am: (LON:GPH) Global Ports Holding Plc share price was +7.25p at 389.25p