BUSINESS

Gov’t prevents AIA privatization project from taking off

VANGELIS MANDRAVELIS

TAGS: Privatizations

The government is shooting itself in the foot as it tries to hamper yet another privatization project: Athens International Airport.

State privatization fund TAIPED wants to renegotiate shareholders’ veto rights in the share transaction of AIA, but Athens has yet to provide its consent.

These rights stem from the 1995 shareholders’ agreement, and the sale of a stake of more than 15 percent requires the consent of all stakeholders.

TAIPED is still waiting for the state – holder of 25 percent of AIA – to allow TAIPED to sell off a 30 percent stake in the company.

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