Piraeus Port stake sale from next week

By Vangelis Mandravelis

According to all indications, the sale of the Piraeus Port Authority (OLP) is set to begin next week, with the government and state privatization fund TAIPED aiming to sell a 67 percent stake in the country’s biggest port.

Based on the current market price of OLP stock, the stake should fetch at least 320 million euros, but the price could be considerably higher given that TAIPED holds the majority stake that would justify a premium on the current level of the stock’s trading value.

The process will start as soon as the privatization plan has been discussed in Parliament. Next week TAIPED will inform deputies about the text of the invitation for expressions of interest.

The fund prefers the model of the direct sale of the OLP shares, with the European Commission said to be in agreement following the forwarding of the plan to Brussels.

Market sources claim that the process will start with the deal between OLP and Chinese company Cosco on the extension of Dock III staying frozen.