Independent journal on economy and transport policy
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Greece chip ax the proposal of COSCO for the acquisition of 67% of the Harbour Authority of the Pireo
Offer of 368,5 million euros for the quota. The agreement with the Chinese shipowning group, included investments, dividends and interests, has a value of 1,5 billion euros
January 21, 2016
Yesterday the board of directors of the Hellenic Republic Asset Development Fund (HRADF) has accepted the offer introduced from the Chinese shipowning group Lowers Ocean Shipping (Group) Co. (COSCO) in order to acquire 67% of the capital of the Harbour Authority of the Pireo ( on 12 January 2016). Al term of the phase of presentation of the offers the Board of the Greek public agency had declared the better, let alone only Chinese group, offerer and had demanded to COSCO to send documents necessary in order to designate to the company which privileged investor. Such designation has happened on the base of the sent documentation that it establishes in 22 euros per.share the offer advanced from the Chinese group for the acquisition of the control of the Piraeus Port Authority (PPA), that is a total of 368,5 million euros for 67% of the capital.
The HRADF has specified that the agreement has a total value of 1,5 billion euros as, besides the value of the piling offer to 368,5 million euros, pairs to 350 million euros in the arc of the next decade are previewed obligatorily investments and are attended returns for the Greek State deriving from the concession agreement pairs to 410 million euros. Moreover dividends and interests in favor of the HRADF let alone ulterior investments beyond that realizing in obligatory way within the end of period of concession are previewed that will expire in 2052.
The agreement establishes that the transaction happens in two phases. Initially COSCO (Hong Kong) Group, society integrally controlled from group COSCO, will pour to the HRADF 280,5 million euros in order to acquire 51% of the capital of the Piraeus Port Authority. After five years, to the satisfaction of determined fixed conditions from the understanding between which the completion of the investments required, COSCO will pour to ulterior HRADF 88 million euros in order to increase own quota in PPA to 67%.
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Yesterday the board of directors of the Hellenic Republic Asset Development Fund (HRADF) has accepted the offer introduced from the Chinese shipowning group Lowers Ocean Shipping (Group) Co. (COSCO) in order to acquire 67% of the capital of the Harbour Authority of the Pireo 
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
