Venture with NLC is in better interest of the share holders of Sost Dry port; Abdul Rauf
Islamabad (Sost Today): Silk Route Dry Port Trust has started a new venture with National Logistic Cell (NLC); this decision was made to secure the interests of all the stake holders of Silk Route Dry Port Trust, Said Abdul Rauf, the Vice Chairman of Silk Route Dry Port Trust Sost.
Speaking to Sost Today, Rauf said Sost Dry port has been rented to National Logistic Cell for the term of twenty years. We have signed the agreement with NLC, 201 Kanal land and the existing building of Silk Route Dry Port Trust will remain under control of NLC for twenty years. He said.
The rent will be determined according to the trade volume and the gross profit will be distributed with the ratio of 80:20 (80% NLC and 20% Silk Route Dry Port Trust), Where NLC will exclusively bear all the operational cost of the dry port. Rauf added.
Furthermore, the capacity of the port will be expanded in coming years and the port will be a major source of employment for the local populous. Currently, 70 people are at Sost dry port. He further said.
Responding to a question, Rauf said the Joint venture with our ex-partner Sino Trans was terminated in 2017, the dispute was resolved through a court of Gilgit Baltistan.
Another dispute of PKR 50 Million loan obtained from National Bank Pakistan by Ex-Chairman of Silk Route Dry Port Trust is still under trial in a court. Hopefully, the decision will come in favor of the shareholders. He said.