Piraeus Port sale process starts

The process for the privatization of Piraeus Port Authority (OLP) will formally get under way on Friday, with state sell-off fund TAIPED publishing the invitation for expressions of interest that will explain the tender framework for the sale of a 67 percent stake in OLP.

The fund’s board approved the terms of the tender process during its meeting on Wednesday.

Investors will have 45 days to express an interest, according to TAIPED chief executive Yiannis Emiris, with the sale expected to be completed this year.

The ports of Piraeus and Thessaloniki aside, the country’s other 10 main ports posted a 79 percent increase in profits last year compared with the year before, as earnings grew from 4.5 million euros in 2012 to 8.1 million in 2013 thanks to better management and a reduction in operating costs.