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Home » Greece Completes Transfer of Piraeus Port Stake to COSCO

Greece Completes Transfer of Piraeus Port Stake to COSCO

by Ade
October 11, 2021
in Coast To Coast

Greece’s privatisations agency transferred shares corresponding to a 16% stake in Piraeus Port Authority to Chinese port operator COSCO Shipping after an amendment to a previous concession agreement, it said on Thursday.

Piraeus Port

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.

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.

Read Also: IMO Signs Three Agreements With Saudi Arabia To Reduce Ship-Based Emissions

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.

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