COSCO’s purchase of Piraeus gets nod
Print Edition
CHINA’S COSCO has been formally declared the preferred investor for the privatization of Greece’s largest port, Piraeus.
The board of directors of the Hellenic Republic Asset Development Fund (HRADF) said COSCO has acquired 67 percent of the shares of Piraeus Port Authority in accordance with the terms of the tender process, the Greek privatization fund said in a statement.
On January 20, HRADF accepted COSCO’s binding offer of 368.5 million euros (US$408.5 million) for the controlling stake.
The tender dossier will be submitted to the Court of Audit for pre-contractual control, and the contract will be signed after the approval of the court. Completion of the deal is subject to the relevant authorities’ approvals, HRADF’s statement said.
The process should be completed by May, according to HRADF sources.
Greece’s highest administrative court, the Council of State, said earlier it had dismissed the appeal of various opponents to the privatization of the port authorities of Piraeus as well as Thessaloniki in northern Greece.
Under the terms of the tender, COSCO has committed to invest 350 million euros over the next decade in infrastructure works at the port.
Studies by Greece’s Foundation for Economic and Industrial Research and other experts claim COSCO’s development plan will boost the long-term revenue from the port to the Greek economy by 5.1 billion euros a year, as well as adding 125,000 jobs until the new concession agreement expires in 2052.
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