The authorities in Greece will delay with a few weeks the sale of a majority stake in its largest port, Piraeus, on account of last month’s snap elections, government officials announced. Setting a date to submit binding bids for Piraeus port is one of the actions that Athens needs to complete to conclude its first bailout review and qualify for more funds from its EUR 86 billion bailout.
China’s Cosco Group, Dutch container terminal operator APM Terminals and Philippines-based International Container Terminal Services have until October 30 to submit binding bids for a 51 percent stake in the port operator OLP. Greece’s shipping ministry has yet to to review the draft sale agreement before sending it out to potential investors.
The tender includes an option for the successful applicant to increase its share in the Port Authority to 67% in five years if the party invests EUR 300 million.
Photo: http://www.olp.gr
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