An agreement transferring another 16-percent of shares of the Piraeus Port Authority (PPA) from Greece’s privatization agency (HRADF) to Shanghai-based Cosco was reportedly finalized on Wednesday, according to information collected by ot.gr.
Shipping and port operations giant Cosco already holds a 51-percent stake in Greece’s biggest and busiest port, as well as its management.
PPA BoD Chairman Yu Zenggang reportedly represented Cosco, while Greek Finance Minister Christos Staikouras and Shipping and Island Policy Minister Yannis Plakiotakis represented the Greek state.
The agreement also refers to a five-year extension of a deadline for Cosco to complete obligatory investments at the port, as foreseen in a 2016 concession agreement, as well as the submission of letters of guarantee.
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