Saudi-listed Sustained Infrastructure Holding Company (SISCO Holding) said its portfolio company, Red Sea Gateway Terminal International Limited (RSGTI), has signed a concession with the Chittagong Port Authority for Patenga Container Terminal (PCT) to develop a long-term plan for a container terminal.

RSGTI and the Chittagong Port Authority have entered into a 22-year concession agreement to operate PCT, SISCO Holding said in a statement on Wednesday.

Under this new concession agreement, RSGTI will develop and operate a 500,000-TEU facility at PCT.

The terminal, which currently features a 580-metre quay, will be equipped with the latest technologies to handle the fast-growing export market.

The capital expenditure for the concession is $170 million, which will be funded through debt and equity, the statement said.

The concession has been signed in partnership with the Public Investment Fund (PIF), a 40 percent shareholder in RSGTI, to accelerate the company’s global expansion efforts. SISCO Holding owns 36.36 percent of RSGTI.

(Writing by D Madhura; Editing by Anoop Menon)


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