ECONOMY

Offer of partial TrainOSE sale fails to impress

The government is considering upping the stake to be sold in TrainOSE to more than the originally planned 49 percent, after receiving a lukewarm response to the palnned sale from potential investors.

Despite the fact that the law regarding the privatization of TrainOSE allows for the sale of up to 100 percent of the loss-making organization, Transport Ministry officials had said that just 49 percent would be sold by the state.

This appears to have changed. Not only has the government yet to appoint an adviser for the sale but initial interest from investors is almost nonexistent, according to government officials who now say that up to 100 percent of the company may go under the hammer.

Up until now, European companies that have shown an interest in TrainOSE argue that a minority stake makes the deal unattractive, raising concerns about the relative cost-benefit analysis.