ATHENS, Oct 7 (Reuters) – 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.
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.
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)
(c) Copyright Thomson Reuters 2021.This article contains reporting from Reuters, published under license.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
Hundreds of thousands of containers are in limbo after ocean carriers suspend cargo bookings to Arabian Container Ports.
France has reached out to the governments of Italy and Greece to coordinate efforts in the Eastern Mediterranean as tensions over the war in Iran flare, a person close to French President Emmanuel Macron said.
The Trump administration warned that Peru is losing sovereignty over a Chinese-owned port near its capital city, after a local judge ruled that the port is exempt from some regulatory oversight.
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
