OLP takes leap toward sale completion

OLP takes leap toward sale completion

The Piraeus Port Authority (OLP) board decided during a rather stormy meeting on Wednesday to hold an extraordinary general meeting on April 1 and fulfill state sell-off fund TAIPED’s demand for a shake-up of its makeup so as to accelerate the sale of a 67 percent stake in OLP to Cosco Pacific.

OLP’s alternate chief executive officer, Stavros Kyramargios, who opposes the privatization, is said to have disputed the legality of yesterday’s board meeting, saying that a legal counsel should be present. One was eventually brought to join the proceedings. Kyramargios also voted against holding the general meeting.

The April 1 meeting will take place at a hotel in Athens – not in Piraeus – apparently to avoid any further tensions or other happenings that could disrupt or cancel the process.

The state sell-off fund considers the general meeting and changing the board’s composition necessary conditions for the acceleration of the process for the concession of the Athens-listed company to the preferred bidder, as a series of decisions are still pending, while some of the current board members are seen as likely to raise further obstacles.

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