Greece’s privatization agency, the Hellenic Republic Asset Development Fund (HRADF), on Wednesday completed the transfer, through Athens Stock Exchange (ATHEX), of a 16-percent stake of the Piraeus Port Authority (PPA) to Cosco Shipping.
The transaction followed an amendment of the concession agreement between the Greek state with PPA, followed by Parliament ratification. HRADF and Cosco Shipping Ltd signed the amended share purchase agreement (SPA) and the shareholders agreement (SHA).
The outlay for the 16-percent stake reached 88 million euros, along with an additional 11.87 million euros in accrued interest as well as a letter of guarantee of 29 million euros.
The Chinese shipping and port operations multinational already held 51 percent of PPA’s shares and its management, following a landmark 2016 concession agreement. The development brings Cosco’s stake of PPA to 67 percent, as foreseen in the original agreement.
PPA manages the biggest and busiest port in Greece and one of the biggest container shipment hubs in the EU.
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