Greece completes transfer of 16% stake in Piraeus port to COSCO

Greek lawmakers amended a deal with COSCO allowing it to raise its stake in Greece's biggest port of Piraeus

  
Containers are seen at the container terminal in the port of Piraeus near Athens January 26, 2012. Image for illustrative purposes.

Containers are seen at the container terminal in the port of Piraeus near Athens January 26, 2012. Image for illustrative purposes.

REUTERS/John Kolesidis

ATHENS - Greece's privatisations agency transferred shares corresponding to a 16% stake in Piraeus Port Authority to Chinese port operator COSCO ShippingMafter 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 privatisation deal, COSCO Shipping bought a 51% stake in Piraeus Port Authority for 280 million euros ($328 million) and committed to mandatory investments worth about 294 million euros over five years to buy an additional 16% stake.

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

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

Piraeus has grown into a major transhipment hub for goods destined for Mediterranean and Black Sea ports since COSCO took over its container operations in 2009 and upgraded its infrastructure.

(Reporting by George Georgiopoulos; Editing by Kirsten Donovan) ((george.georgiopoulos@thomsonreuters.com; +30210 337 6437; Reuters Messaging: george.georgiopoulos.thomsonreuters.com@reuters.net))


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