Westports secures 30-year lease extension till 2054

Westports said in a stock market filing that while it already has the right to develop and operate the port until 31 August 2024, the infrastructure investments it is pouring will remain secure with the further extension out till 2054.

“The Government and PKA had agreed to extend the concession period by another 30 years to 31 August 2054, subject to the fulfilment of the following conditions (i) the completion of the reclamation of the land and incidental works for container terminal 6 to CT9 on or before 1 January 2014.

“(ii) the completion of construction works for CT6 to be fully operational on or before 1 January 2014,” Westports said.

Westports has also been granted an extension for completion of the land reclamation and incidental works by six months from 1 January 2014 until 30 June 2014.