Cosco adds another 16% to its stake in Piraeus Port

Cosco adds another 16% to its stake in Piraeus Port

Greece’s privatizations agency transferred shares corresponding to a 16% stake in Piraeus Port Authority (OLP) 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 privatization deal, Cosco Shipping bought a 51% stake in OLP for €280 million and committed to mandatory investments worth about €294 million over five years to buy an additional 16% stake.

The Hellenic Republic Asset Development Fund (TAIPED) said it transferred the shares on the Athens Stock Exchange.

Cosco Shipping paid €88 million for the 16% stake plus €11.87 million in accrued interest and a letter of guarantee for €29 million.

Piraeus has grown into a major transshipment hub for goods destined for Mediterranean and Black Sea ports since Cosco took over its container operations in 2009 and upgraded its infrastructure. [Reuters]

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.