According to a source from the state privatization fund (TAIPED), the sale of a majority stake of Piraeus Port Authority (OLP) to China’s Cosco Pacific company is expected to be signed on April 8th. Prior to that, an extraordinary general meeting of the shareholders of OLP is expected to take place during which TAIPED board members will be changed.
Along with the sale, TAIPED and Cosco will sign a shareholders’ agreement that will determine the shape of their future relationship, as the Greek State will continue to control a significant portion of voting rights at the port for at least the next five years.
The Cosco Group will pay €280.5m to TAIPED for the initial acquisition of a 51 percent stake, and has committed to paying another €88m within five years for an additional 16 percent, provided the agreed investments in the port have been implemented. TAIPED will hold on to a 7 percent stake in OLP.
TAIPED has also invited the eight consortiums that have expressed interest in the tender for Thessaloniki Port Authority for consultations at the end of March ahead of the relaunch of a tender for the sale of a 67 percent share.
