Cosco to operate Greek port
Print Edition
GREECE signed an agreement yesterday to sell a 67 percent stake in operating its biggest port to China’s Cosco group, a significant step in the debt-crippled country’s ambitious privatization drive.
Cosco was the sole bidder for the stake in Piraeus Port Authority, a listed company that has a concession to operate the port until 2052.
Greece will retain a 7 percent stake in PPA and private investors will hold the remainder. Cosco’s 368.5-million-euro (US$420 million) offer was approved in January. The deal still needs to be approved by Greece’s competition commission and Parliament.
Cosco already has a major presence in Greece following a 2008 concession agreement to manage container terminals at Piraeus. Piraeus, the port of Athens, is the main gateway to the Greek islands.
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