Greece completes transfer of 16% stake in Piraeus port to COSCO

Piraeus Port Authority SA

07/10/2021 16:09

ATHENS, Oct 7 (Reuters) - Greece's privatisations agency
transferred shares corresponding to a 16% stake in Piraeus Port
Authority  OLPr.AT  to Chinese port operator COSCO Shipping
 01919.SS  after an amendment to a previous concession
agreement, it said on Thursday.
    Last month Greek lawmakers amended a deal with COSCO
allowing it to raise its stake in Greece's biggest port of
Piraeus, paving the way for Greece to secure a major investment.
 urn:newsml:reuters.com:*:nL8N2QV1OT
    Under a 2016 privatisation deal, COSCO Shipping bought a 51%
stake in Piraeus Port Authority for 280 million euros ($328
million) and committed to mandatory investments worth about 294
million euros over five years to buy an additional 16% stake.  
    The Hellenic Republic Asset Development Fund (HRADF) said it
transferred the shares on the Athens stock Exchange.
    COSCO Shipping paid 88 million euros for the 16% stake plus
11.87 million euros in accrued interest and a letter of
guarantee of 29 million.
    Piraeus has grown into a major transhipment hub for goods
destined for Mediterranean and Black Sea ports since COSCO took
over its container operations in 2009 and upgraded its
infrastructure.

 (Reporting by George Georgiopoulos; Editing by Kirsten Donovan)
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