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22 October 2021 The on-line newspaper devoted to the world of transports 22:06 GMT+2



October 1, 2021

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The Greek Parliament has said yes to the transfer of the 16% of the capital of the Piraeus Port Authority to COSCO

The share of the Chinese group will rise to 67%

Yesterday the Greek parliament approved a variation of the agreement signed on 8 April 2016 between the Greek State Fund Hellenic Republic Asset Development Fund (HRADF) and China's COSCO Shipping (Hong Kong) Co. for two-stage transfer to the Asian company of 67% of the capital of Pireus Port Authority (PPA), with the first phase being brought to deadline the following 10 August with the transfer to the COSCO group of 51% of the capital of the Port Authority of Piraeus for a consideration of 280.5 million euros, and with the remaining 16% of the capital, the corresponding value of which was fixed at 88 millions of euros, had been placed in escrow with the agreement that would have been transferred to COSCO after five years completion of the €300 million investment programme that the Chinese group had undertaken to carry out.

The approval of the parliament gives the green light to the sale of the remaining 16% of the capital of the Port Authority at COSCO. Following this transfer HRADF will hold about 7% of the capital of PPA, while the remaining 26% of the capital is placed on the stock market.




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