Riyadh: Red Sea Gateway Terminal International Limited (RSGT), a subsidiary of the Sustainable Infrastructure Holding Company (SISCO Holding), which is formerly known as the Saudi Industrial Services Company, secured a 22-year concession agreement with the Chittagong Port Authority on 6 December 2023.

This $170 million contract, which value is equivalent to SAR 637.50 million, encompasses the operation and development of the Patenga Container Terminal (PCT) in Chittagong, Bangladesh's primary port, according to a bourse filing.

The comprehensive and long-term development and operation plan will commence in 2024. The project aims to establish a 500,000 Twenty-Foot Equivalent Units (TEUs) facility at PCT.

It is worth noting that SISCO Holding holds a 36.36% stake in RSGTI's capital.

The concession was penned in partnership with the Public Investment Fund (PIF) and marks a pivotal shift in RSGTI's overarching strategy to expand its presence in the global ports sector, propelling it towards becoming a multi-port operator.

The financial impact of this new concession contract is anticipated to reflect on SISCO Holding's consolidated financial statements starting from 2024.

In the first nine months (9M) of 2023, SISCO Holding's net profits after Zakat and tax reached SAR 64.40 million.

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